I've heard a sensei of mine say: These are the tools of our trade bother to learn their names, if you were a plumber you wouldn't ask another plumber to pass the long turny thingy would you?
As you say using the correct terms with those who know simply conveys the entire concept in ways imprecise language doesn't. Though things get tricky between arts: eg. Maki Otoshi means something different if I'm doing Aikido, Jodo, Jo, or Naginata. So it also helps to know what it actually means sometimes to keep things straight