Exactly.
I posted this picture in the other cap thread of my '72 Mustang guitar.
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You are hearing the resistance loading of the pot, not the cap. The impedance of the cap in the range of the resonance is a much less than the pot value.
i have a Squier VM P loaded Pickguard, and the cap on it is just like that, except it's brown. The numbers on it are
"2A503J".