I doubt this explanation.
I experienced the behaviour mentioned (i. e. the problem that pages did not update) when I had NOT marked the checkbox "Use Proy server" (actuall text might be different, retranslated from German version). I also deleted all locally cached pages, so IE had to reload all pages through SME server. Same problem.
Then I connected an additional workstation to the network that had never seen that Internet page, so it definitely had to access the page through SME server. Same problem.
The problem finally disappeared when I marked the checkbox and told IE explicitly the address of the SME server proxy (at ONE workstation). After that ALL connected workstations showed the updated pages, regardless of their IE settings.
I have no explanation for this since I am not an expert in network protocols. I can only tell what I have experienced: changing the settings (as described) at one workstation caused the SME server proxy to reload the page. I do not know if changing the setting was the real cause for reloading, this might have happened just by chance.