Cache removal is a must to remove ever-cookies.
It is also is all or nothing in Cookie - there is no distinguishing between favorite and non-favourite sites during cache removal. This is usually not an issue as any data which needs to be retained for login details tends to be stored in http-cookies or Local Storage/Databases.
There is no harm in removing cache cookies, although i wouldn't recommend it whilst the browser is still running as it can cause issues on some sites.
and, I think you should be ok enabling cache removal immediately, as no reputable sites store anything of much use in the cache...