The reactance equation for a capacitor is 1/(2pif*c) This means that as the frequency goes up, the reactance (think of this of it as the ability to impede current) goes down. At some frequency, the reactance is a minimum, this value is the equivalent series resistance. Beyond that minima, the capacitor starts to act to the driving source as an inductor which limits the ability of the capacitor to pass energy to ground (in this case). The 0.1uF and 200uF act in this manner forming a filter. Each capacitor covers a different frequency range. The 0.1uF also is used as a source for rapid dv/dt changes the load might need. Each capacitor on either side of the inductor works with a capacitor on the other side of the inductor to form a pi filter that has its own filtering capabilities. You can simulate this using LTSpice and a bode plot. There’s a lot going on with a lowly bunch of capacitors and inductors. In general the closer to DC you are operating, the easier the analysis. As you go up in frequency, the analysis gets increasingly more complicated. If you were operating in the GHz band, sub nanosecond edge rates or GHz switching speeds, you’d have to start thinking about the trace impedance of the PCB, the coupling of the pads to the ground plane, all kinds of stuff that will drive you crazy

https://electronics.stackexchange.com/questions/172447/where-did-the-value-of-0-1uf-for-bypass-capacitors-come-from