Simplify element state by removing `__cached`

Description

I encountered a build failure while using workspaces where the artifact was simultaneously cached and not.

I didn't track down exactly why it was getting confused, but simplifying the state made the problem go away.

Changes proposed in this merge request:

• Remove __cached variable.
• Replace users of it with checking which of __strong_cached or __weak_cached to use instead.

CHANGELOG/Release Notes

• Initial version