Hmmm.
To trouble shoot further you can:
Try a SafeBoot https://support.apple.com/en-us/HT201262
Takes noticeable longer to get to the login screen, does a 5-15 minute disk repair before it fully boots up, and certain system caches get cleared and rebuilt, including dynamic loader cache, etc. Login and test. Reboot and test will take a little longer as caches get rebuilt.
See if this makes a difference in Preferences.
To open Content Caching preferences, choose > System Preferences, click Sharing, then select Content Caching.
Independent of that, read up on: Manage Content Caching, and go from there:
Content caching preferences on Mac - Apple Support
https://support.apple.com/en-in/guide/mac-help/view-content-caching-logs-and-statistics-mchl0d8533cd/mac#mchl0290c8e6
Set up content caching on Mac
https://support.apple.com/guide/mac-help/manage-content-caching-mchl3b6c3720/mac
Change content caching preferences on Mac
https://support.apple.com/en-gb/guide/mac-help/mchleaf1e61d/mac
Use iCloud File Sharing to share documents with other iCloud users
https://support.apple.com/en-in/guide/mac-help/mchl91854a7a/mac
View content caching logs and statistics on Mac
https://support.apple.com/guide/mac-help/view-content-caching-logs-statistics-mac-mchl0d8533cd/mac#mchl0290c8e6ac-help/set-up-content-caching-on-mac-mchl3b6c3720/mac
Set up content cache clients, peers or parents on Mac
https://support.apple.com/en-gb/guide/mac-help/mchl9b56e1cf/10.15/mac/10.15
