According to your graph, left picture does not represent loading times of cached requests. It's the number of requests! And, as it's supposed to be, the number of requests to the server goes down and number of cached requests go down.
However I don't see the loading times change. According to this recent research "What is PageSpeed Module?", loading times can be decreased by up to 90%!
Additionally, their numbers on numbers I get from Your pictures match pretty exact:
- around 50% cut in number of requests ;
- around 80% cut in payload size.
The idea of how it works is described by the gentleman in the answer above, for more info you can check Google Documentation or the link to Boost Business Friday guys.