The Finder, or open Finder Window must be front most (selected) before issuing the ⇧⌘+. sequence, and later releases of macOS 10.13.4 or 10.13.5 must be installed. The Finder View selection does not matter. This alternation feature is primarily used to show hidden "dot" files, though it will also reveal objects hidden with the chflags hidden construct. That includes the $HOME/Library folder.
The first paragraph has worked fine for me in both releases of the operating system, and regardless of the nature of the hidden file. I have reviewed the $HOME/Library/Preferences/com.apple.finder.plist file with Xcode, and see no resource setting for the hidden/nohidden state produced by the keyboard shortcut.
In Finder, click ⇧⌘+G to bring up the Go To Folder dialog. Copy/paste the following into it:
~/Library/Caches
In the Caches folder, drag the com.apple.finder folder to your Trash. You can't empty the Trash just yet, so logout, and then log back in. Empty the Trash, and then in Finder, perform the first paragraph again to see if the keyboard shortcut now works for you.