'Ideally, Do you have to be able to tell each chord's function simultaneously? otherwise you can't tell if it's D minor or F Major I think.'
Not sure I understand your question, since the key is given to you before the chords are played.
regarding a 'ii-V-I or IV-V-I': a ii and a IV sound completely different regardless if they are inverted or not. one is major and the other is minor. that's about as fundamentally different as you can get with chords
if you can't immediately tell the difference between a major and minor chord you should work on that before working on identifying specific progressions. a chord has the same overall 'quality' regardless of its inversion
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Nov 18, 19:44