Does Jetpack conflicts with load_template()?

Does anyone know if Jetpack is caching pages/content

Jetpack does not cache the contents of your posts and pages.

Once I do disable Jetpack, it works as expected.

This seems like a conflict between how your code filters the_content, and the way one of the Jetpack features uses the same filter. I would recommend that you deactivate each Jetpack feature, one at a time, until you find the exact source of the conflict. You can then contact the Jetpack support team via this contact form to let them know about the conflict between the 2 plugins.