With this kind of setup is this something I can do without knowing really anything about it?
Yeah, as long as your comfortable walking through and learning their editor interface. It's a great place to start for non-web developers wanting to build and maintain a standard website.
What's a theme and why are there so many?
Themes are just pre-configured layouts, colors, and styles. Some themes have neat features that others might not - try as many as you want, and "set" the one that you like the look of the best. There are a lot because people like the different looks and feels of some themes and not otehrs.
Can I build a site with just a theme and wordpress?
As long as it's reachable yeah - if you're hosting at bluehost, they should give you a domain where your Wordpress site is accessible - you should be good with just that until you want to do more advanced things. I wouldn't worry about that.
Do I need a theme or can I build a site with just wordpress?
You're going to be using a theme no matter what - You can use the default or use a theme. I prefer themes.
I had a theme but then needed to purchase elementor or some kind of page builder. Is this required to build the site?
Default Wordpress functionality should allow you to build the website - don't pay money for some stupid bullshit like that.
All these themes seem to require some kind of page builder with them. Is this something I need to buy or do some of the themes come with their own page builder?
Pick a theme that's free - I self host my Wordpress site and usually just use it to dick around with things like that at wordpress.bubtaylor.com - if you want to play with it let me know and I'll get you a username/password