Does Windows cache the contents of .url (Internet Shortcut) files?

Question

I'm implementing a custom URL handler in .NET. To test this, I have created a few different .url files and put them on my Desktop. This generally works fine, but behaves oddly if I change the file's contents, specifically the URL= line. Doing so has no effect — the old URL continues to be opened. Renaming the file, however, works. The file looks like this:

[{000214A0-0000-0000-C000-000000000046}]
Prop3=19,0
[InternetShortcut]
URL=myCustomScheme://some/url/pointing/somewhere
IDList=

All shortcuts I create through New → Shortcut receive the same UUID, so changing that probably won't help.

Is there some internal .url file / URL mapping cache in Windows?