Okay, there might be nothing wrong at all.
The Ju88 and the B-26 are two totally different aircraft. For the B-26, there is little record in history where it was actually used as a dive bomber like the ju88. Its a level bomber that you have to fly at a certain altitude to drop your bombs. you might want to switch your views (f4) to see if your bombs hit the target in the B-26.
As for the Ju-88, you can perform dive bombing and level bombing missions. you don't really have a bomsite view in the ju88 except for the stock A-4 version. the others you pretty much have to practice on your own to get it right: (a tip: When dive bombing, drop your bomb slightly ahead of your target so that the velocity will place them on or closely near the target to get a kill)
As for rockets, the same thing happens to me, you wont see any explosions like in CFS1. However, don't be dismayed, watch any World War 2 newsreels or combat footage. Rockets really aren't seen exploding or hitting their targets, but somehow they still find their mark. With the bombs and rockets in CFS3, you might find them a bit confusing, but they will do their job. As for a re-install, my brother, only do it if you plan on getting the ETO, MAW, or DPC addons. Also you can do it if you want to get rid of some heartbreaking addons you don't like ( My Schmitfire is a prime example of that)
I hope this helps