The potential problem with caching in update_homepage is that deleting the cache key after updating the page could lead to a race condition or stampede.
Since the homepage is being hit 1000/sec, between the time the cache key is deleted and a new value is set, many requests could hit the database simultaneously to refetch the page, overwhelming it.
It would be better to set a new value for the cache key instead of deleting it, to avoid this potential issue.