"Did you see that bounce?"

Yes, these ambiguities are almost always resolved by context. As English got rid of more and more of its derivational morphology, one could verb nouns and noun verbs without anything in the way of suffixes.

Most grammars of English would call what a pronoun, but what is it in the following:

A. I went to see the Oracle at Delphi.
B. The what you say?

But this sort of thing even happens in languages like Latin: e.g., quid 'what' > quidditas 'whatness'.

Many folks don't know a noun from an adverb, but they can speak and understand others speaking. Having names for things like demonstrative pronouns and quotative like gives you a vocabulary to discuss linguistic phenomena, but are not necessary to speak or write a language.

Ceci n'est pas un seing.