In the video you refer to measure numbers in the tab, the tab sheet I see for this lesson shows only the chord progression, where can one find the tab sheets you were referring to in your video?
Many bluegrass tunes share the same chord progression. Learning the various common chord progressions and being able to hear them for a song is probably the best way to stay with the jam. Following the guitar players chord shapes is a good fall back but can be tricky if they’re doing lots of runs etc.
This was a bit confusing at first trying to understand capo chords vs real chords. The light went on when I realized capo chords are just the chord shapes for your fretting hand applied relative to the capo position which then produce the sound of the real chords.