Παρακολουθείς=watch, pay attention, spectate, observe, spy on and never follow. Ακολουθώ is follow. Παρακολουθώ=παρά+ακολουθώ etymologically means "to follow by the side"
Yes and the sentence in English " Are you following the film?" meaning "Do you understand the film?" Is a completely acceptable sentence, especially for GB speakers of English trying to understand American dialogue! I think it should be accepted.