Unless it is a very inexpensive t-stat it will have a jiggle valve.
I drilled a hole in the t-stat plates for many years prior to the jiggle valve becoming more standard.
Yes, rad cap failure is not common either, but again it is not an expensive part.
Rad caps have 2 valves inside
The larger one uses the large spring you see when cap is removed, that valve is the pressure rated valve, it holds 12 to 16psi of pressure in the cooling system, as engine warms up the coolant expands(like in a pressure cooker), thats were the pressure comes from, so as coolant gets warmer and pressure gets to 16psi, for example, a 15psi caps large valve will open and allow coolant to flow out and into the "recovery tank"/overflow tank, until pressure is back down to 15psi.
Having the system pressurized raises the boiling point of the coolant or water, water boils at 212degF, 50/50 coolant boils at 230degF, pressure adds about 2degF to boiling point for each pound of pressure, so 15psi pressure adds 30degF to boiling point of water or 50/50 coolant mix
Engines should run 195 to 220degF, but on hot days or pulling loads or long uphill grades temp can climb to 250degF.
Ford temp gauge usually has 210-220degF as center line.
If larger valve should no longer hold pressure you probably wouldn't notice it, UNTIL engine needed to generate some extra heat because of a load, then you would get boil over, coolant flashes to steam in the head and spits out lots of liquid coolant from rad into overflow tank and then engine temp gauge shoots up to HOT very fast, head gasket failure possible.
The smaller valve in the rad cap(center) allows coolant back into the rad as engine cools down.
As coolant cools it shrinks back to its cold volume so pressure in the system goes down to 0psi, and then -1psi, this pulls open the smaller valve and coolant is sucked out of overflow tank and back into radiator, keeping system "topped up".
If this valve fails you would notice collapsed upper rad hose as pressure in the system is -1 to -5, so outside air pressure is pushing the hose in.
Over time this will cause air to be sucked in so you can get random over heating or no heater as air in the system causes air blocks in passages that temporarily blocks coolant flow in the engine or heater core.
Caps are cheap
