Yes, in RAID1 mode (default), max usable size is 480GB.
An existing file can only be one cache or one of the array disks, not both, any changes to an existing file will be done where the file resides.
NEW files will be written to the array (if the use cache setting for that share and minimum free space are correctly configured), if an existing file grows beyond usable cache space it will just run out of space.