sql_view.cc comments indicate that CASCADE/RESTRICT options are parsed but ignored:
There's at least 4 problems I can see:
"In a WITH CHECK OPTION clause for an updatable view, the LOCAL and CASCADED keywords determine the scope of check testing when the view is defined in terms of another view. The LOCAL keyword restricts the CHECK OPTION only to the view being defined. CASCADED causes the checks for underlying views to be evaluated as well. When neither keyword is given, the default is CASCADED. "