Bake all dynamics and Hair Particles does not bake all dynamics

When I click “bake all dynamics” within the particle settings for the hair cache, nothing happens.

I have a few characters with hair and they all have a few different particle systems used for their hair. I can not bake them all at once. The only way I have been successful is to select each particle system separately and hit “bake” and repeat that process for each character and each particle system.

Am I missing something? Why doesn’t “bake all dynamics” bake all the dynamics? Isn’t that what it is supposed to do?

Blender 2.90.1