Which part of the UI are you talking about, exactly?
* The Calibre plugin (e.g., "Find a book via calibre metadata") should pickup calibre.metadata changes immediately.
That's assuming you actually manage to get Calibre to update that properly in the first place

.
IIRC, what you're doing *is* the right procedure, but I've had instances of the cache being so inconsistent that weird crap happened. When in doubt, delete the file on the device manually *without Calibre running*, then re-run Calibre and let it build it from scratch (it'll take *a while*).
* As far as the FileManager is concerned, it won't refresh anything on its own *ever*. If you tap "Refresh cached book information" in the long-press menu, it will, but that's entirely based on the ePub metadata, not Calibre's.
And, IIRC, Calibre does *not* update the on-device book when you tweak its metadata on Calibre's side, not without further intervention (e.g., re-sending it). Someone more familiar with Calibre may correct me, because that's something I extremely rarely do.
(The Calibre Kobo driver, on the other hand, probably fixes the *Nickel* metadata automatically for those, provided automatic metadata management is enabled. But that's irrelevant in KOReader

).