If the suction line is letting air in, the pump noise is technically Aeration, not Cavitation.
Cavitation happens when the pump suction is restricted. During Cavitation, the pump sucks so hard on the restricted line, it actually BOILS the oil. (A Fluid pulled into a high vacuum will boil without heat). The vacuum bubbles then IMplode violently as they go through the pump causing cavitation erosion.
Aeration is similar in damaging effects to a pump, but with aeration, the bubbles are actually bubbles of air being drawn in the suction line due to leaks. The air bubbles EXplode as they go through the pump causing almost identical damage as cavitation.
Both are noisy and destructive to the pump.
The Pressure Compensator is a valve that "destrokes" a variable displacement piston pump when the system pressure reaches a defined maximum pressure setting. 3750 psi on your loader. This is more efficient than a relief valve because it reduces flow and unloads the engine, thus saving fuel and heat generation.
The Flow Compensator is another valve (Part of the same "chunk" as the Pressure Comp) which Upstrokes the pump based on demand. A load sensing signal sent through a small hose from the directional control valve signals the pump as to pressure demands of the system. The Flow compensator upstrokes the pump until the pressure at the outlet of the pump is a few hundred psi higher than what is required at the highest pressure point in any hydraulic cylinder on the machine. (405 psi higher on the 930G).
For example, if you curl the bucket and the load dictates that it requires 1400 psi to do so, the pump will increase it's output flow (regardless of engine rpm) until the pressure supplying the control valve is 1805 psi. This difference of 405 is what Cat calls margin pressure. The higher the margin, the jerkier the hydraulics. The lower the margin the more lethargic the system becomes.
This flow compensation or flow on demand design is what defines the hydraulic system as "Load Sensing".