It tips it all on it's head. It's generally a POST request and so doesn't cache at alls (you can configure it with a long GET request). All caching is done client side but at object level, including not requesting fields that you might have already requested previously on other calls.
It's fantastic at scale for web applications (far better than the REST apis it has replaced since over-fetching isn't a concern). I don't work on content sites or anything where edge caching applies though, so YMMV. (All our static content is served via CDN but API content is not generally cachable).