Do cadets actually outrank non-commissioned officers?

Absolutely NOT! They aren't paid members of the military, and hold no authority over any service member, NCO, or Officer.

When I was still enlisted, rarely if ever saw any of them. One of the perks of staying almost exclusively in line units. Now I work at the Air Force Academy and the general feeling I get is that, no matter what the regulations actually say, the cadets understand where they actually stand. At least in the main.

believe it or not, the same thing happens in civilian life. I was a top rep but never took a mangement position, I was the bosses eyes and ears. We spoke at least once a day, he was over 3 hours away and had too much to do with budgets and high target branches so I was a big help. We hired a service manager and after about a week, he comes up to me and says what again is your position (lead sales rep) hump! I am the only one hear with MANAGER in his title, and I said yep you are lets see how that works out for you?
He lasted another couple weeks, got overwhelmed and his assistant had to take over ... again and as always did a good job.

On a technicality alone. Watch them try to actually pull it though. It's an interesting sight

If any cadet thinks they are in charge in a unit, they have been mislead. The reg says they are in the chain of command, but the command says what they do. They are there to LEARN, not be in charge. Your job as an NCO is to teach them. Think of it like NCOES, when the had people who were not promoted yet. If someone of a lower rank than you was in charge of a lane, YOU do the right thing by acting like a good Soldier following orders. If they are a genuine problem, other than your pride, talk to the officer they are shadowing. They should be the one telling the to STFU with their power trip.
Also.....you're in garrison. Calm down.

It depends on situation.
It depends on where they are at in the process.
I recommend addressing them properly and appropriately because sooner than later they will be in a position of power over your area of control and expertise.
Besides that, why play into someone else's problem.
There are more important issues at hand.
Be courteous.
Don't screw yourself by taking action that offend others.

it's true.....you know like a newly-minted, ROTC, National Guard butter-bar outranks the Command Sergeant Major of the Army. Who wouldn't like to see him try to lock the CSM's heels?

This is almost a 'letter of the law' and 'spirit of the law' discussion. Yes I was an E-5, but as Range Master for small arms training I had authority over my trainers regardless of rank, but was still expected to show appropriate courtesies. While on my first ship I saw a cadet try to tell an E-7 who went thru boot camp and went to Vietnam how to do something... he didn't say a word just ignored her and when she tried to make an issue of it the command came down on the E-7's side because she didn't know what she was talking about. Best officers I ever saw kept their mouths shut except to ask questions on their cader cruises, and as ensign's they assumed senior and experienced enlisted knew more than they did.

I was an ROTC cadet who went to CTLT (cadet troop leadership training) in Mainz, GE in 1989. I led a platoon while there and I knew who was in charge - it wasn’t me. I was just the Platoon Leader, haha. That said, I had the honor to learn from some great Infantry NCOs and soldiers on what it took to be in charge. Later, I was a Platoon Leader in a CAV unit and was privileged to have NCOs that taught me what I needed to do to lead. I stuck my foot in my mouth a lot (and was chewed out by my Troop Commander for 3 or 4 months), but learned from that also. Twenty years later, as the Professor of Military Science at a large university, I mentored, developed, and then commissioned some fantastic Army leaders. I didn’t do this by telling them they outranked anyone, but by telling them they would learn from and work with NCOs. That their NCOs had to trust them and they needed to trust them and support their soldiers. I had to remove a cadet because he just could not get it through his head that he was NOT entitled to respect. He tried to tell a few Marine NCOs (in the Navy ROTC program to become Marine officers) that they could not correct him because he was a MSIII cadet and they were NCOs (he parked in a handicap spot). That wasn’t all he did for me to boot him, just a small part.

AH a midshipman tried to snag a extra beer when we came back to base from a week of training. Our company Gunny had already stated 2 beers per man. When the gunny stopped him, he put hands on the Gunny. As you can imagine the gunny didn't take kindly to that and the Middie found out why the Gunny was regimental boxing champ. He starting screaming for the MP's to arrest the Gunny (there were none around). The Regimental Commander just happened by and told the Middie he better pick the Navy when it came time and walked away with the Middie in tow. That was the last we ever saw of that particular Middie.