I have a server (mac mini with macOS 10.13.6) serving some shares via smb and advertising them via Bonjour. The Finder displays the server's symbol in the sidebar. The server goes to sleep if it's idle. I have a airport express in my network, which acts as sleep proxy and wakes up the server on network access. When my client MacBook Pro with Catalina (currently 10.15.4) I can reproduce the/my problem as follows starting with a fresh login:
1) Finder is able to connect with the server and lists the available shares. If the server is asleep it is woken up - I see "Connecting....". I open a share, browse it, and finally unmount/disconnect it. So far so good.
2) I wait several minutes until the server goes to sleep. It does that if once all smb connections are closed. I can confirm this on the server with "pmset -g assertions"
3) On the Catalina client I go back to the Finder Window where I last browsed (or simply looked at) the server's shares. I choose one and get the famous "The operation can't be completed.... original item can't be found". There seems to be no network traffic at all - the server stays asleep. Opening another Finder window does not help. Even if the server is woken somehow the Finder is of no use to access that Bonjour server. Opening the share via Cmd-K seems more reliable and does mount a share. Killing the Finder does help. The Finder will then succeed and we're back at step 1.
On Mojave step 3 does happen as well BUT a new Finder Window seems to open a new connection with the server and finally succeeds... I can live with that! Whatever Catalina tries to do some here (clever caching or whatever) ... for me my bonjour server has become rather useless and very frustrating. I liked macOS because of it's capability to save energy by sleeping and waking up on demand. With Catalina this has become problematic.
I have to add that because of those problems I tried other things like using automounts via /etc/auto_master and an OpenDirectory server and while those shares did not suffer from that particular "The operation can't complete" problem, the Finder also seems to have problems reconnecting. To my surprise It displays the shares and its contained folders of /Network/Servers/server.example.com/MyShare with document-Icons and becomes unreliable and useless as well. What I've also noticed is that Catalina fails to mount/authenticate the network home folders of network users that are managed in an OpenDirectoy... Again Mojave also does a much better job for me in this respect. I hope Apple manages to fix those problems.