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While Change Captioning systems have garnered substantial attention to respond to our evolving world, their true performance on diverse real-world change contexts remains largely unexplored due to the lack of comprehensive evaluation frameworks. To fill this gap, we propose C3-Bench, a comprehensive benchmark for evaluating Context-aware Change Captioning. C3-Bench features: (1) 4,996 human-labeled image pairs of 51 real-world change contexts across four domains (e.g., natural scenes, remote sensing imagery, image editing, and anomalies), each with diverse, carefully curated scenarios derived from multiple change-centric communities; and (2) the first LLM-as-Judge evaluation framework in the change captioning task that measure fine-grained dimensions (e.g., correctness, specificity, fluency, and relevance), along with a novel reversibility metric exploring whether models understand changes with symmetric consistency. Based on C3-Bench, we benchmark 32 models -- including conventional change captioning models, proprietary Large Multimodal Models (LMMs), and 2B-90B open-source LMMs. We reveal a fundamental blind spot in the prevailing change captioning paradigm: Once the change context departs from training-style regimes, conventional models collapse, and even state-of-the-art LMMs such as GPT-5.2 exhibit systematic domain- and position-dependent errors that distort reliable change understanding. By making these hidden failure modes explicit and measurable, we delineate the next frontier for building generalizable and trustworthy change captioning systems. All codes and datasets are publicly available on the project page.