This is not common knowledge, otherwise I would have spotted that earlier.
So, you are not really expected to know this as a third party dev. You can look at the geometry_caches_s26.py example and there at this line, under [2] I mention that the cache of that object is muted. But that is of course only very indirect information and not enough to deduce this. I think we also talked about it a couple of times on the forum.
The flag BIT_CONTROLOBJECT is set on input objects of generators, e.g., the to be extruded spline of an Extrude object, the profile and rail spine of a Loft object, the to be cloned cube and sphere objects of a MoGraph cloner, etc. As shown in the caching example, Cinema will mute the caches of input objects. To be very formal, they are actually built but then again deleted. BIT_CONTROLOBJECT marks such input objects.
Your light in that scene should not have that flag, as it is not the input for some generator. But it somehow got it anyway, there is probably somewhere a bug. For normal scene evaluation that bug is also not really a problem (because as you saw from your own test, the light still converted correctly when you inserted it on its own outside of caches). The problems start when that irregularly as BIT_CONTROLOBJECT marked object is part of a cache. 'Make Editable' then incorrectly collapses the cache. Not only does it not stop at nested generators which are incorrectly marked like this, it also seems to apply the cache muting logic for input objects (resulting in the empty null object instead of the content of the cache of the collapsed generator).
I already told the relevant devs that I consider this borderline buggy but they do not seem very inclined to do anything about this. What is effectively missing somewhere in cache resolvement is the evaluation if the flag BIT_CONTROLOBJECT 'makes sense on an object'. That is of not so easy to do, as generator - input object relations can be quite complex in Cinema. Which is probably also why the modelling team does not want to touch this.
Cheers,
Ferdinand