Do cadets actually outrank non-commissioned officers?

Yes, but...
(always a good start to a story)

If you want to have a good time, grab you some popcorn, have a seat, and watch what happens when a know-it-all cadet tries to tell a battle-hardened Infantry Platoon Sergeant what's-what. Having watched that show before, I can tell you, that's some good entertainment!

I'd love to see one try pulling rank on a CSM. The show would be well worth the price of admission.

2LT (Join to see) See AR 600-20 table 1-1
You will find Academy Cadets and Senior ROTC cadets are in precedence between Warrant officers and NCO.
Generally a Senior ROTC cadet is a 3rd or 4th year scholarship contracted cadet.
So a 1st and 2nd year non contracted cadets have no rank as it applies to service members.

Though in the Cadet command and working with them, we commonly referred to all cadets as "sir" or "Ma'am" Or "Cadet Name"

AR 600-20 Army Command Policy is pretty clear about that yes cadets do outrank NCOs.
Furthermore in the succession of command for "2-8. Death, disability, retirement, reassignment, or absence of the commander" it outlines the order of Senior regularly assigned Army Soldier.
However,
If you have a cadet that's going around "commanding" NCOs what to do you have an uninvolved officers and commander in your unit who should guide mentor and teach that young cadet some common sense and etiquette. This can similarly be applied to 2LTs.
Now for you butthurt NCOs - calm down instead of taking the approach of those are just some wet behind the ears cadidiots - keep in mind they will become commissioned officers and commander sooner or later, and run a platoon, company, or even battalion and higher. So two things: 1) instead of acting high and mighty - bring those cadets under your arm and teach them something, 2) if they get a little lippy or high and mighty bring them down to earth (I don't have to outline the procedures here).
Bottom line is this stupid tension and hatred of officers from the enlisted side starts here with cadets and 2LTs - as a former NCO I'll tell you, you have a golden opportunity to mentor and mold some good young officers instead of alienating them.

The man holding the reins of the wagon may be "in charge", but he is going to have a hard time moving the wagon down the road without the cooperation of the horses.

An E-7 from the 75th Rangers I worked with called them all "Cadidiots" to their faces. Smart Cadets shut up and learn from NCOs. The dumb ones don't last long at all and usually get transferred. Best show I ever got was a Cadet freshly made into a 2LT who was going to make some "hard and fast changes" now that he was "in charge" of the same unit he shadowed as a Cadet. He got berated by the E-6 in charge for about 2 hours. Word got up to the LTC who shipped the 2LT to be someone else's problem. 2LTs are a dime a dozen, and no commander wants to give up a seasoned NCO over a fresh better bar.

I will leave the legal determination as to "who truly out ranks who" to those in paygrades higher than mine. That being said, as an 11B2P NCO I trained many a cadet at Ft. Bragg. As they would be future officers, I always referred to them as Sir or Ma'am and did by best to respectful and not be too condescending towards them. I in turn was always treated with the upmost respect from them. After all ... An NCO's job is to train soldiers (private's) and officers to the best of their abilities.

If you want to be technical, cadets are not commissioned. They are in the learning process. I have a few NCO instructors and it doesn't matter if they outrank me or not. They deserve my respect and listening ear. I stand at parade rest when speaking to them. I'm am ROTC cadet.

My dad told me a story that would explain his take on brand new 2LT’s. In his last assignment he was the Signal Bde SGM (the rank of CSM hadn’t been established as yet) the Colonel called my dad into his office and introduced him the a recent West Point Grad 2LT and asked my dad to show him around. Dad protested and said something to the effect of, I really don’t have the time to nurse mate a new 2LT. Then the Colonel said please. My dad broke and said OK, and then he turned to the new 2LT and said, “i’m Calling you Mister until you’ve been in the Army for six months, you have to earn my respect.” The 2LT looked at the Colonel for support to which the Colonel said, “you heard my SGM, Mister, carry on.”
When I was in the Special Forces Training Group 1968, (now called the Q Course) I was on a detail sweeping the loading dock behind the offices. A 1LT ran up the steps shouting, “WHO’S F&%$ING RED VW IS PARKED IN MY PARKING SPOT WITH MY NAME!” The SSG in charge of the detail said, “Sir, that’s the CSM’s car, I’ll tell him to move his car out of your parking slot.” The LT responded, “Uh no, don’t bother CSM Childress I’ll just park across the street.”
Two examples. By the time an NCO makes it to E-9 he’s been through some shit. My dad served as a SO in Detachment 101, OSS in the CBI. And CSM Childress earned his CIB in Korea and during one battle was only one of two soldiers left in the platoon. Also remember, like my dad enlisting in the Army in 1936. All of his Company Officers made a lot of rank in WWII. He told me of two that were in the Pentagon one as a 2 Star and the other a 3 Star and he had their direct phone numbers. In my case my 18A of A-401 5th Special Forces Group was Captain Mike Canavan. We spoke over the phone while he commanded JSOC as a Major General and he told me that if anybody and I mean anybody call me; if I can’t help you certainly General Shelton can. (At the time the Chairman of the Joint Chiefs and he wore a long tab). I placed Lt General Canavan’s photoi above my desk. All of you young brand new 2LT’s remember what I’ve written, the SGM’s and the CSM’s are walking Gods and didn’t get to that level just on looks. I inserted a photo of my dad and just look at his face; would you be comfortable chewing him out. The other photo shows the team he was on, Team Antelope, dad is in the back row far left. He jumped into China on three missions, two DA (direct action to interdict supply lines and blow bridges of the Japanese Army in China and one SR (Special Recon) jumped in to pinpoint the Japanese Army ravaging China, several teams were inserted for this mission. Dad wore 3 stars on his jump wings, each insertion counted as a combat jump.
Sorry, I do have one more example. I showed up at the Ft Sam Houston photoshop for a DA Photo. There was a new 2LT already in his uniform with his two ribbons. One other NCO and I arrived and put on our uniforms. The other E-7 was a Nammer like myself having served with the 101st Airborne and I finished getting dressed. When the 101st NCO made eye contact with me we both smiled and nodded. He had six rows and with my 7 rows to include a BS w/V plus all the other stuff, Special Forces Tab Master Blaster Wings, CIB, SF Combat Patch and 9 service stripes we sat down. The photographer came out and asked ‘NEXT’ and we looked at the 2LT to go ahead and said, “no you guys go ahead you’ve earned the right.” That’s a 2LT that’s going to go far in the Army.

If the Cadet wants to be “in charge,” let him! The first time he falls on his ass or gets an ass-chewing…remind him, “Sir, remember, you’re in charge!”