Banks, the financial institutions, are not transformed into banks, exposed riverbeds, when they're proximate to water. Cocaine, the drug, and cocaine, the chemical, are simply homonyms. Claiming the Inca did cocaine is a dad joke, not serious argument.

And that if we interpret the sentence like that (which we should if that's how it's generally understood) then it is not true that people were doing cocaine in the 17th century.

Furthermore, the most purified form of drinking ethanol actually is called “grain alcohol”; Everclear is a popular brand.

Yes. This is true colloquially and legally.

When people eat poppyseed bagels they don't say they're doing codeine or morphine.

It's generally understood that "smoking weed" is likely to be a different experience than "taking THC"

When it comes to coffee, people are generally aware that caffeine is the active ingredient. If you ask someone, “have you had any caffeine today?”, they’re not going to say “no” if they’ve had six cups of coffee. They’re going to say, “yes, I’ve had six cups of coffee”. They’re not going to try and pick a tedious argument that they didn’t really have caffeine because they drank coffee instead of snorting crushed up caffeine pills.