I should have added more info in my previous post but I was in the middle of something here and took the short route.
So, I may be wrong as my mind is not the same as a couple of years back, but the Cache that you are clearing in the Storage menu is the one that you can clear one by one when you go to the Applications manager and go los by one to all the apps, you will see that it has a clear cache option, I was told years ago that Clearing the cache on the storage menu just clear all those apps without going one by one, if that make sense to you.
The cache partition that you wipe in te recovery menu I was also told that is a partition on the device memory that is used by the OS to create system files cache and it can grow and grow and can slower the device it not cleared, just like the temp files in a Windows PC. Though, when you do the wipe, you are forcing the OS to create those files again, that's why when you take an OS update is highly recommended to wipe the cache, as doing that will delete previous OS files completely from the device.