I use an iPad Air 2 and an iPhone 6. I haven't noticed any app issues but I did just turn off my video caching. I have no use for it.
I'll try and pay attention and see if I notice any performance improvements.
Technically speaking, the app is just writing the data stream directly to RAM, so I can't imagine there would be any noticeable difference in performance with it off or on.
Anything that is taking up processing power will have some effect on the overall performance. I shut everything off, Airplane Mode, wifi, bluetooth, check that apps are not running... etc. The negative effects will obviously depend on the processing power of your device...
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