We use output caching profiles in Web.Config as follows:
<caching>
<outputCacheSettings>
<outputCacheProfiles>
<clear />
<add name="CacheHourly" location="Server" duration="3600" varyByParam="*" varyByCustom="IsMobile" />
<add name="CacheDaily" location="Server" duration="86400" varyByParam="*" varyByCustom="IsMobile" />
</outputCacheProfiles>
</outputCacheSettings>
</caching>
In perfmonwe see 100% misses (without hits) in the output cache counters. Basically, we see 0s across all fields for output cache counters (except misses).
See screenshot below.

A kicker is that I am sure it is turned on. If I add an enabled="false"output cache to each profile and then delete it on the landing page, it will return in 300 ms sequentially. If I turn them on, it will return in 90 ms sequentially, which is not very fast, but it will be faster than 300 ms.
: , * ? URI Cache counters, , %, , IIS URI.