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Local memory cache works fine until you have more than one process serving the requests, which is typical in the production deployments.
In that case each process will have it's own cache and therefore served results may depend on the process instance that made the response.
Second disadvantage of local memory cache is inefficient usage of the memory - as you will have multiple copies of the same data cached in the multiple processes.
We've added that warning to alert people of the potential issues.