What a 95% cache hit rate still costs
Requests for one hot endpoint hit a cache first. A hit comes back in 0.5-2 ms; a miss goes on to the database and takes 50-200 ms. Because every miss is slower than every hit, the moment more than 1% of requests miss, your p99 is a database call, and the database still gets every miss at peak: 95% sounds close to 99%, but it is five times the database load.
Assumes 1,000 requests/s at peak, hits taking 0.5-2 ms and misses 50-200 ms (anywhere in each range equally likely), and a database that stays healthy at that load