How does Element Caching improve speed in Elementor?
By enabling Element Caching, when widgets are loaded from the server, the HTML output is stored in the database. This way, the next time the widget is loaded, it is read from the database instead of reloading it from the server. This significantly reduces server memory consumption. This ultimately optimizes the TTFB factor or average server response time (the time it takes for the user’s browser to receive the first byte of page information from the server.)

How to enable element caching
Select any of the Elementor elements or widgets; in the Advanced tab, in the Cache Settings section, you can change the default element caching mode to enabled or disabled.

Note: Element caching cannot be used on widgets that contain dynamic tags or any other type of dynamic information, including short codes that provide custom data to visitors. Therefore, you should only enable element cache on static or fixed elements that do not have dynamic tags.

Important: The following elements automatically have element cache enabled and their cache status cannot be changed through the above:

Container and grid container
Off Canvas widget
Inner section and column
How to clear element cache
Despite the benefits it has for increasing site speed; using element cache prevents changes from being displayed and applied in real time when testing different parts of the site. Therefore, there are times when you need to clear the element cache or cache before the cache expiration time.

To do this, go to the performance tab in the Elementor settings section and specify the duration of data storage in the cache by setting the drop-down menu opposite “Element cache expiration”.

This period can be between 1 hour and 1 year.

How to Disable Element Caching in Elementor
Element caching in Elementor is an experimental feature that is enabled by default on most Elementor widgets. To disable this feature for all elements, you need to go to the Features tab and the Ongoing Experiments section in Elementor Features from the Elementor Settings section and disable or deactivate the element caching in this way.

Conclusion
This tool has a good future and is being updated with Elementor updates and new features will be added to it soon. You can use it as a speed increase system in Elementor. You can also check the article Introducing 6 Site Speed ​​Testing Tools for a detailed speed check.