Reorient your mental model of the functionality of "CASCADE" by thinking of adding a FK to an already existing cascade (i.e. a waterfall). The source of this waterfall is a primary key (PK). Deletes flow down.
So if you define a FK's on_delete as "CASCADE," you're adding this FK's record to a cascade of deletes originating from the PK. The FK's record may participate in this cascade or not ("SET_NULL"). In fact, a record with a FK may even prevent the flow of the deletes! Build a dam with "PROTECT."