It depends. If you are using cloudflare pages, it first builds the project and then sends it to multiple EDGE servers which helps to load the sites quick everywhere.
If you are only using their DNS server without proxy enabled, it won't do much.
If you are using their DNS with proxy, it will cache some of the static assets which makes loading time a bit faster.
https://pages.cloudflare.com/Where is this cloudflare pages feature you are talking about?
https://pages.cloudflare.com/
You have to enable it seperately.
cloudflare uses location based edge/cdn servers (like I said in my first post, for option 1 as well as 3) so yepp, it does. For example if you are in India, cf might use cf singapore.. etc.Thanks for information. In addition, does it show the cached files according to the user location, do you have any information about this?