In the context of Chrome, according to this link it is indeed base on Cache-Control headers.
...view-source grabs the html source from the http cache
and pretty-prints it, but for the page NOT in http cache, it's 'forced to'
make a new request.
To me, this makes sense. You wouldn't want to use what is currently rendered as the source of truth as obviously the HTML can be manipulated dynamically. If you can't use this, then the http cache would be the next likely candidate for the source. If the source in unavailable from cahce, a subsequent GET of the source seems to be the only alternative.
This does, however, introduce another interesting delima raised here.
Requesting the URL again doesn't make sense as there is no guarantee that source received during the second request will match what was received during the first request.
I would imagine this was a conscious trade-off that was made to ensure that a view-source request is always satisfied in some form or another.