I've never used cache plugins, but probably never needed to. From what I've heard though, the plugin you're using is recommended.
I use WP Fastest Cache, easy to setup and use. I have used w3 as well.
W3 Total Cache is what we use. Make sure PHP has opcache enabled as well (it usually does if you're php install is current).
PHP caching plugins are good but it's better if you can do some server level optimization, like opcode caching (aka opcache, this will prevent .php files from having to be compiled on every access), memcached (this will store data for you, so you don't need to hit the database so often), varnish (essentially it's a static verson of your site cached on a proxy, can do loadbalancing etc.) and then of course application level caching like w3totalcache or what have you. If you properly configured the three things above though, you could probably pull off some pretty impressive traffic with even a low end box.
And if you are just looking for a speedier user experience there are lots of optimizations you can do in terms of static assets.
W3 is very good as long as opcache is enabled otherwise WP Super Cache or WP Fastest Cache work just as well.
Definitely WP Total Cache.
Do you want to know why? Then I'll give you the reason...
Firstly, we all know that CDN (Content Delivery Network) to host our own files (not associated with services like Cloudflare CDN because they only host famous files like Bootstrap publicly and there is no way to host your own files.
Basically, CDN is a service that hosts the website files for you in a high speed server (according to my knowledge). When you or your visitors visit your website, the content will be delivered at lightning fast speed (almost immediately) because the speed of CDN is more than 1GBps.
If you don't use CDN for your website, your website will load slowly especially heavy websites and shared hosting based website.
Private CDN requires you to pay each month and there is NO free CDN. This is because bandwidth consumed by websites are mostly 1TBs and above.
Now, back to WP Total Cache Plugin. Remember Google Drive? Yep, I know what you may be thinking. Can Google Drive acts as a CDN???! The answer is... YES. IT CAN.
WP Total Cache makes it possible to use Google Drive as a CDN. When setting up, you only need to upload all your files to Google Drive, press a few buttons and you are DONE!
Best of all, THIS IS POSSIBLE IN THE FREE PLUGIN VERSION!!! YES, FREE!! WHO DOESN'T LIKE FREE? There are no restrictions, limits of any kind.
As conclusion, you can see that WP Total Cache's CDN makes it the best Cache plugin around! You will be very satisfied when how fast your website loads!