The suction side of the pump could create some vacuum bubbles. This would mean a lower pressure on the suction side of the pump. That pressure gradient is what the pump is supposed to create. The future of any vacuum bubble in water is to collapse as water falls into the evacuated space. Water on the pressure side of the pump vanes cannot be compressed, and it will push ahead, moving the water in front of it.
If a normally pressurized cooling system is full, the change in pressure by removing the pressure cap will only change the boiling point of the water. Some systems are designed to run above 212 degrees F. for better engine operation. In such a system, the water can boil out without a working pressure cap. If the radiator is working properly, and the engine is working properly, one should have plenty of time to look for bubbles before the water reaches 212. At any rate, cavitation bubbles can not exist on the pressure side of the pump.
I suppose there could be a case where a gasket could only leak when the water temp is above 212. In such a case, looking for bubbles in the radiator would not tell you anything useful.