As there’s over a billion Catholics, it’s really hard to get a bead on most Catholics as it’s a really diverse group. Even among the clergy, the USCCB is a lot more conservative than even the Vatican and the CDF, and the LCWR is pretty left wing. A friend of mine is a Catholic history teacher, and as he puts it, has a small part of his brain for religious stuff that he gives a pass to, but doesn’t question it too much. I’ve even encountered downright atheist / naturalist cultural Catholics, who practice the rites, go to confession, etc. because it’s habit and something they do with family, much less informs their understanding of the natural world.
So yeah, to a lot of Catholics a wafer is just a wafer, except that it’s appointed cultural significance within a social framework. While others will believe the wafer is materially Jesus flesh while still tasting like a wafer, and 1 + 1 + 1 = 3 = 1 and they embrace the cognitive dissonance. For some reason, it reminds me of Paradox of Gabriel’s Horn, a shape with infinite surface area, but finite mass. So you could fill it with paint but couldn’t paint it.