Fluid flashing downstream of the control valve (this is cavitation) should generally be avoided, and there are so many fluid system variables that would give upstream/downstream preference that much additional specifics would be needed to answer the control valve cavitation question alone. Also flashing of fluids upstream or downstream of the control valve, in the piping or PHE may need consideraton. There are instances that would dictate the control valve be placed either upstream or downstream, frequently independent of the control valve cavitation issues.
Beyond that, there are potentially several other considerations that could prefer the control valve upstream or downstream, for example, downstream might not be a good idea if closing the control valve might overpressurize a component. If the upstream fluid is very hot or very cold, then a special control valve ($$$) if mounted upstream. If the downstream fluid is very hot or very cold, then a special control valve ($$$) if mounted downstream.
These are just a few examples, and illustrate that a general "rule of thumb" is not applicable here.