From the documentation:
If enabled via "use_cache" option, s3fs automatically maintains a local cache of files in the folder specified by use_cache. Whenever s3fs needs to read or write a file on s3 it first downloads the entire file locally to the folder specified by use_cache and operates on it. When fuse release() is called, s3fs will re-upload the file to s3 if it has been changed.
The folder specified by use_cache is just a local cache. It can be deleted at any time. s3fs re-builds it on demand. Note: this directory grows unbounded and can fill up a file system dependent upon the bucket and reads to that bucket. Take precaution by using a quota system or routinely clearing the cache (or some other method).