Bitcoin Core caches the outcome of script and signature validations, so that when they are reoccur, they don't need to be repeated.
A common case for this reoccurrence is the fact that typical transactions get processed twice: once when received as an unconfirmed transaction individually, and once when it is mined in a block and that block is processed. The script validation cache avoids the need to run the script again a second time, if it happens within a sufficiently short period of time.
You can safely ignore this option; its default value should be more than adequate.
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