Correct; Cloudflare doesn't cache large asset files (I think anything more than 2MB?) by default. It's not that kind of CDN... at least, not for free it's not.
Of course, you can trick Cloudflare into caching your large media assets using some funky Page Rules... but I wouldn't suggest it. Mostly just for moral reasons. If you have that much traffic, you should be making some money off it and then paying Cloudflare with it!
And a "cache everything" page rule tends to cache literally any file type, but it's not a great idea to push media files through CF due to the TOS prohibiting "disproportionate amounts of non-web content".
2mb might be referencing the limit for Workers KV.
Does anyone have any numbers on this?