Thanks for the prompt answer Mike!
Seems that I missed that repeatedly by selecting Student 18+ when looking up the caps on the TfL website.
As an added question for future reference, would that make buying a weekly/monthly/annual Travelcard which 18+ card holders get 33% off more worthwhile or would the Railcard’s lower off-peak capping suffice? Adding to this, there seems to be the lack of a weekly discounted Railcard Z1-Z2 cap which seems to be the full adult cap rather than 33% off which I suppose gives an added pro to the Travelcard? I suppose the answer overall would depend on the amount of peak time travel (in addition to the amount of days I’d travel)?
Additionally, on an unrelated note, I’ve taken a look at your ‘When not to use Oyster’ page and was wondering whether the Gatwick example also applied to Oyster cards with the Railcard Discount applied? Aside from a single where Oyster seems to win hands down regardless, I assume the situation would be the same as regular fares?