On the original topic:
With thin option - there is no refraction happening at all, so the shadows of the walls are just showing as if passing through the air.
Without thin option and without caustics (we are also calling this "hybrid shadows") - the shadows of the walls are again showing just as if passing through the air, but then this is seen through a refractive material.
With caustics enabled - the whole water object is casting 100% opaque shadow first and then light is computed on top of that, but this time the light is correctly refracted inside the volume.
So basically the "no caustics" option is the same as "thin" in terms of shadows, there is just refraction applied on top. Check out the attached image.
What would also be useful is a good explanation into absorption colour and distance.
i.e.
A darker more saturated colour and a high distance value
VS
A lighter less saturated colour and a low distance value.
Is one more correct than the other?
I've also just set the distance to the maximum depth of the pool and then tweaked the colour from there ...
Making the color darker is exactly the same as making the distance lower. That's why you can just set absorption to pure black, forget about the color, and adjust the distance only. That is, if you don't need colored absorption.
Also whil I'm here. Are there any issues with Caustics + 4K Cache that I need to be aware of?
No, we are not aware of anything, but the 4K cache should be still treated as "experimental".