Yes, a suction-side leak anywhere in the plumbing can show as bubbles under the pump lid. But the presence of air does not necessarily mean a leak. I don't know anything about cavitation, except it too can manifest as bubbles.
I just tested my water and checked my pad. There are bubbles under my pump lid. There always are. Sometimes a little, some times more. I just ignore them.
Have you done a bucket leak test to rule out a leak 100%?
If your pool is not leaking, and your pump is otherwise performing as expected, I think you, too, can just ignore the bubbles. If you really want an answer you can hire a pool leak detection company and have them diagnose the problem (they have tools and techniques for that). Other than observing a drip, that video I shared is the extent of my knowledge about leak detection.
Not sure where else to point you.