Cached page returned while logged in

I noticed today that while logged into WordPress, a cached version of a search page is getting returned to me when I’m expecting it to be a live page.

I have the following options enabled in the w3tc plugin:

Page Cache
Cache URIs with query string variables (checked)
Don’t cache pages for logged in users (checked)

All my other pages are returned live, as expected, but for some reason the search page is returning a cached version. When non-logged-in users view a search page, I want it to return a cached version (thus speeding up customer searches on my site), but I want to see the live version when logged in.

I’m expecting the latter W3TC Page Cache option to override the first, in other words. Is that not how it should be working? Am I looking at something incorrectly?

Thanks.

https://www.ads-software.com/plugins/w3-total-cache/