Yes, Chrome uses V8 which has Isolates (also used by some FaaS platforms like Cloudflare Workers), and adds more optimizations on top like disk-based caching to share across processes. The script is keyed from a hash of its contents.
Also did you mean http caching? Not sure why would want to remove that. It's still important for the browser to get the latest script content before the bytecode caching happens.
https://v8.dev/blog/code-caching-for-devs