Ensure Xenia is allowed to save the shaders it compiles so you only stutter once.

You can tell your graphics card to store more shaders, preventing old ones from being deleted.

Xenia isn’t reading the cache folder. Possibly a permissions issue. Fix: Run Xenia as administrator. Or move your install to C:\Xenia\ (avoid Program Files).

The emulator for Xbox 360 typically does not require "downloaded" shader caches in the same way other emulators like Cemu or Yuzu do. Instead, Xenia is designed to translate and compile shaders on-the-fly, storing them locally to prevent future stuttering.