Ok, so in my case it turned out to be working fine. I got confused because I had the UE-SharedDataCachePath environment variable set to my shared cache path and changing the path in ini didn’t help much as the env var always overrides the path from ini.
Maybe it’s the same issue in your case?
Try running the editor with -logcmds=“LogDerivedDataCache Verbose” to output more info from DDC to the log file.