So is it fair to say that the majority of the Catholics in the Latin mass would know what is going on even if they don’t understand the spoken language?
Here is a web site of the Latin Mass with English translation.
http://sacred-texts.com/chr/lmass/ord.htm
THE CANON OF THE MASS
Te ígitur, clementíssime Pater, per Jesum Christum Fílium tuum Dóminum nostrum súpplices rogámus ac pétimus (osculatur altare) uti accépta hábeas, et benedícas (jungit manus, deinde signat ter super oblata), hæc dona, hæc múnera, hæc sancta sacrifícia illibáta (extensis manibus prosequitur): in primis quæ tibi offérimus pro Ecclésia tua sancta cathólica: quam pacificáre, custodíre, adunáre, et régere dignéris toto orbe terrárum, una cum famulo tuo Papa nostro N. et Antístite nostro N. et ómnibus orthodóxis, atque cathólicæ et apostólicæ fídei cultóribus.
Wherefore, O most merciful Father, we humbly pray and beseech thee, through Jesus Christ thy Son, our Lord (he kisses the altar), that thou p. 465 wouldst vouchsafe to receive and bless (he joins his hands together, and then makes the sign of the cross thrice over the offerings) these gifts, these offerings, this holy and unblemished sacrifice (he extends his hands and continues), which in the first place we offer thee for thy holy Catholic Church, that it may please thee to grant her peace: as also to protect, unite, and govern her throughout the world, together with thy servant N., our Pope N., our bishop, as also all orthodox believers who keep the catholic and apostolic faith.
The Commemoration for the living.
Meménto, Dómine, famulórum famularúmque tuárum N. et N.
Be mindful, O Lord, of thy servants and handmaids, N. and N.