Whether from the mouth or mind of a famous author like George Orwell, or the hand of a cartoonist in a Newspaper, Caricature is always an art, and a hard one to do well at that. And that is both from a literal standpoint, as well as looking at art from a figurative standpoint. It is an art in the sense that someone worked hard to produce something that is both creative and took a lot of practice and learning to do. But it is also an art in the sense that it can be a form, a way to critique the world, in many cases that is how caricature first came to exist, it could be said that all forms of caricature are meant to critique the worldview in some way.
This is usually the reason why books written by George Orwell are often called caricatures. As he exaggerates something that can be found in the current world to such a degree that it becomes so ridiculous that it is fiction. One of his greatest works for doing so was Animal Farm, in which the pigs became the humans eventually after the animals overthrew the humans. This idea was that there always had to be a leadership, and that the leadership always eventually ended up corrupted, but you wouldn’t get that from just seeing pigs and cows working together to overthrow the humans that were making them work so hard!
It is a ridiculous notion, much like what you might see with the large heads and exaggerated features of a person in a caricature drawing. Something is being exaggerated to critique it, which makes it both kinds of art, the kind that is for something, and the kind that shows something. The real question then isn’t whether caricature is art, but if someone did a caricature of you, what would it reveal?