I can see a VERY limited context. A school bus driver is called to sub for someone who's sick, and realizes too late it's the one with all the rowdy kids... "Oh, this is THAT bus." But yeah. Other than that, I wouldn't ever use it.
Yes, but if this is the bus you were talking of earlier, than "this is the bus" would be the matching expression in English. Direct translations aren't always the best. They become unnatural in English for what they are expressing.