[SalesForce] aura storable actions not working as expected – client cache

I am trying to use storable actions. I am not getting expected results. As per the video from salesforce ,https://www.youtube.com/watch?v=G931jWBnxHU&t=758s, if a method is marked as storable, the first request after refreshAge period is supposed to get the data from cache , followed up by sending a server request, and if the server response is different from what is there in the cache, it is supposed to update the component and cache. I set defaultAutoRefreshInterval as 3 seconds and defaultExpiration as 900 seconds. During my action, I was expecting a server call when I did a UI action after 5 seconds. But the server debug logs, did not receive request from client. But when I repeat the action second time , the request goes to the server consistently . I am not sure if anyone has observed this behaviour. Thanks for your time and help.

code below

<aura:component description="formTemplate" isTemplate="true" extends="aura:template">
<aura:set attribute="auraPreInitBlock">
    <auraStorage:init name="actions"
                      persistent="false"
                      secure="true"
                      maxSize="1024"
                      defaultExpiration="900"
                      defaultAutoRefreshInterval="0" />
</aura:set>

Service component

<aura:component description="Form_FormInitService" controller="Form_HomePageController">
<aura:method name="getFormInitData" action="{!c.getFormInitData}">
    <aura:attribute name="callback" type="function"/>
    <aura:attribute name="fiscalYr" type="String"/>
    <aura:attribute name="accountFormId" type="String"/>
</aura:method>

This is the storable method

   ({
getFormInitData: function (cmp,event,helper) {
    var params = event.getParam("arguments");
    console.log('reading the params');
    console.log(params);
    console.log(params.fiscalYr);
    var action = cmp.get("c.getHomePageData");
    console.log('get Form Init data');

    action.setStorable();
    var fiscaYear = params.fiscalYr;
    var accountFormId = params.accountFormId;
    if(params.fiscalYr)
    action.setParams({"fiscalYr":fiscaYear},{"accountFormId":accountFormId});
    action.setCallback(this, function (response) {
        console.log('server response ');
        console.log(response.getReturnValue())
        params.callback(null,response.getReturnValue());
    });
    $A.enqueueAction(action);
}

})

caller component CMP file

It has the folllowing tags in reference to call the service, contextSvc returns the parameters to pass it to storable action getFormInitData

 <c:Form_ContextService aura:id="contextSvc"/>
 <c:Form_FormInitService aura:id="service"/>

caller component Controller

   ({
doInit : function(component, event, helper) {
    console.log('calling do init....');
    var spinnerUtility=component.find("spinner");
     spinnerUtility.toggleSpinner();

    var contextSvc = component.find("contextSvc");
    contextSvc.getFormContext($A.getCallback(function(error, data) {
        console.log('context1 object');
        console.log(data);

        var service = component.find("service");
        service.getFormInitData($A.getCallback(function(error, data) {
            component.set("v.data", data);
            helper.processData(component);
            console.log('completed process data....');
        }));
         }),data.fiscalYr,data.accountFormId);
     }),true);



}