If we manually update configuration to pcacheOffline TRUE and restarted slapd, the existing cached data is still existing on database (hdb/dbd) but it can't query proxycache (QUERY NOT ANSWERABLE) and tries to update the cache (QUERY CACHEABLE) and would fail with "Proxy can't contact remote server" as below.
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: conn=1001 op=0 do_bind
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: >>> dnPrettyNormal: <uid=userX,ou=employees,o=mycompany.com>
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: <<< dnPrettyNormal: <uid=userX,ou=employees,o=mycompany.com>, <uid=userX,ou=employees,o=mycompany.com>
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: conn=1001 op=0 BIND dn="uid=userX,ou=employees,o=mycompany.com" method=128
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: do_bind: version=3 dn="uid=userX,ou=employees,o=mycompany.com" method=128
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: => bdb_entry_get: ndn: "uid=userX,ou=employees,o=mycompany.com"
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: => bdb_entry_get: oc: "(null)", at: "(null)"
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: bdb_dn2entry("uid=userX,ou=employees,o=mycompany.com")
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: => bdb_entry_get: found entry: "uid=userX,ou=employees,o=mycompany.com"
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: bdb_entry_get: rc=0
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: str2filter "(uid=userX)"
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: begin get_filter
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: EQUALITY
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: end get_filter 0
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: Lock QC index = 0x56286a9179d0
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: Not answerable: Unlock QC index=0x56286a9179d0
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: QUERY NOT ANSWERABLE
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: QUERY CACHEABLE
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: =>ldap_back_getconn: conn=1001 op=0: lc=0x7f22f010c620 inserted refcnt=1 rc=0
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: daemon: activity on 1 descriptor
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: daemon: activity on:
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]:
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: daemon: epoll: listen=7 active_threads=0 tvp=NULL
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: daemon: epoll: listen=8 active_threads=0 tvp=NULL
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: daemon: epoll: listen=9 active_threads=0 tvp=NULL
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: daemon: epoll: listen=10 active_threads=0 tvp=NULL
Jun 14 18:47:49 prd-ldap1-euc1 slapd[4304]: daemon: epoll: listen=11 active_threads=0 tvp=NULL
Jun 14 18:47:59 prd-ldap1-euc1 slapd[4304]: send_ldap_result: conn=1001 op=0 p=3
Jun 14 18:47:59 prd-ldap1-euc1 slapd[4304]: send_ldap_result: err=52 matched="" text="Proxy can't contact remote server"
Jun 14 18:47:59 prd-ldap1-euc1 slapd[4304]: =>ldap_back_getconn: conn=1001 op=0: lc=0x7f22f018f610 inserted refcnt=1 rc=0
Jun 14 18:48:09 prd-ldap1-euc1 slapd[4304]: conn=1001 op=0 ldap_back_retry: retrying URI="ldaps://dsa.mycompany.com" DN=""
Jun 14 18:48:19 prd-ldap1-euc1 slapd[4304]: send_ldap_result: conn=1001 op=0 p=3
Jun 14 18:48:19 prd-ldap1-euc1 slapd[4304]: send_ldap_result: err=52 matched="" text="Proxy operation retry failed"
Jun 14 18:48:19 prd-ldap1-euc1 slapd[4304]: send_ldap_response: msgid=1 tag=97 err=52
Jun 14 18:48:19 prd-ldap1-euc1 slapd[4304]: conn=1001 op=0 RESULT tag=97 err=52 text=Proxy operation retry failed