Here's a data point. I had a slow loss of coolant I couldn't find with UV tracer dye, maybe 50 ml/month. Finally replaced the cap, loss stopped. I hypothesize that the relief pressure of the cap had dropped to the point where it was venting the water portion of the antifreeze mix (water boils lower than ethylene glycol, and has a higher vapor pressure at a given temperature, so it was in effect acting as a still. This is how antifreeze is recycled, by distillation to remove the water). I never saw any indication of overheating, or found any trace of dye outside the cooling system, including around the cap; just a slow decrease in coolant level, although the cap would still have some pressure if I released it warm so it hadn't totally failed. I would expect a lower relief pressure on a new cap could have the same effect, a gradual loss of coolant, but I have no idea whether 1.2 bar is low enough to make a difference. That's still a pretty high pressure, 17 psi, which is about what most American iron runs for radiator caps, so it's likely OK, but I don't want one anyway.
Now I've gone and done it; should learn to never get involved in 'net "discussions."