You are correct, the directive BLOCK_NO_CACHE
is only applicable to block level. However when page caching is enabled then Drupal will cache the entire page (which includes the block as well). But this is only applicable to anonymous users. Drupal's philosophy is that the content for anonymous users is always the same so they get served the cached page. But this is not applicable to authenticated users. Since different users might have different access to certain parts of the page (e.g. the links block will look different for an admin than a regular user).
You might want to have a look at this discussion: BLOCK_NO_CACHE not working for anonymous users
And there is a solution, which you'll stumble upon this discussion. It's this module: Ajax Blocks. Extract from the module description:
Permits to load some blocks by additional AJAX request after loading the whole cached page when the page is viewed by anonymous user. It is suitable for sites which are mostly static, and the page caching for anonymous users is a great benefit, but there are some pieces of information that have to be dynamic.