Interpreting Cepstrum of plucked string
IIRC, Karplus-Strong is usually a single linear harmonic waveguide.  Plucking a stringed instrument starts several things in vibration other that the string (sound board, air in cavity, etc.), many of them producing inharmonic overtones due to material stiffness, thickness and non-uniformity, some of which exchange energy and/of change in a non-linear fashion over time. The sharp peak high in the Cepstrum could indicate some kind of tiny but sudden frequency modulation(s) of the fundamental pitch.