Depending on how they wrote their code, if the Lambda could seek to the right part of the file then this would work, but if it has to load the entire file into RAM anyway, then it wouldn't gain them much except perhaps a slightly easier way to get the file into RAM.
From a caching perspective, you wouldn't seem to gain much in lamda. You can cache in memory/tmpfs until your container eventually dies, and then you likely aren't on the same machine so there's no EFS level caching to take advantage of.
EFS/NFS makes a lot of sense I think when you have a lot of random/unpredictable access across large numbers of files. You could do the same thing with FUSE/S3 but across lots of smaller files/accesses I would think the overhead adds up faster.