The short answer
Yes. Rebuilt or re-downloaded automatically when needed.
What is it?
Disk caches for Adobe apps, most notably the After Effects disk cache of rendered frames, plus caches for Photoshop, Creative Cloud and other Adobe software. The After Effects cache alone can grow to the maximum size set in its settings, often tens of GB.
Disk caches of After Effects, Photoshop and other Adobe apps. Rebuilt as you work.
What happens if you delete it?
Rebuilt as you work: After Effects renders frames again when you preview, so the first previews after clearing are slower. No projects or settings are stored here.
How to remove it properly
In After Effects, choose After Effects › Settings › Media & Disk Cache and click Empty Disk Cache; you can also lower the maximum disk cache size there. Otherwise quit all Adobe apps and move ~/Library/Caches/Adobe to the Trash.
Quit the app that uses it, then move it to the Trash. Empty the Trash when you’re sure.
How MoreRoom helps
MoreRoom recognises this item, shows its real size and when it was last used, and labels it “Safe to remove”. In the free version you can move it to the Trash in one click, with Undo; Pro collects every safe item at once.
Frequently asked questions
Is it safe to delete ~/Library/Caches/Adobe?
Yes. Rebuilt or re-downloaded automatically when needed. Rebuilt as you work: After Effects renders frames again when you preview, so the first previews after clearing are slower. No projects or settings are stored here.
Will Adobe app caches (After Effects disk cache…) come back after I delete it?
Yes. Rebuilt as you work: After Effects renders frames again when you preview, so the first previews after clearing are slower. No projects or settings are stored here.
How do I remove Adobe app caches (After Effects disk cache…) properly?
In After Effects, choose After Effects › Settings › Media & Disk Cache and click Empty Disk Cache; you can also lower the maximum disk cache size there. Otherwise quit all Adobe apps and move ~/Library/Caches/Adobe to the Trash.