Override hyphenation settings in caption

Question

As tomorrow is April 1, I'd like to send a somewhat special interim version of my thesis to my supervisor. In the TeXbook, there is a chapter that is set up to make TeX fall in love with hyphenation. I like how it manages to hyphenate nearly every end-of line.

However, applying this to my document, I ended up with something like this:

\documentclass{article}
\usepackage{graphicx,lipsum}
\usepackage[hang,small,bf]{caption} % not loading this "fixes" my problem

%\captionsetup{singlelinecheck=false} % this also causes the problem to disappear, but I like the singlelinecheck

% handy commands from the TeXbook to apply all the best typographical rules regarding hyphenation
\hyphenpenalty=-1000
\pretolerance=-1
\tolerance=1000
\doublehyphendemerits=-100000
\finalhyphendemerits=-100000

\begin{document}
    \begin{figure}
        \includegraphics[width=\textwidth,height=1cm]{example-image}

        \caption{Figure Caption that Should not Be Hyphenated}
    \end{figure}

    \lipsum[1]
\end{document}

Note how the text is nice and readable, but the caption is broken at every discetionary hyphen.

Apparently, this is somehow related to the way caption checks whether the caption fits into a single line and should be centered. Also, if I don't load the package at all, the problem disappears.

Is there a better way to fix this or to configure caption to use the normal hyphenation settings?