In English, 'latch' is both a verb and a noun.
In digital electronics, the usual distinction is that a latch is a memory gate with a level control: control input at one level for 'input flows through to output', control at opposite level for 'output held'. This differs from a flip-flop, which is typically edge-triggered.
Your 8085 saves pins by multiplexing address bus lines A[7:0] and data bus D[7:0] onto its pins AD[7:0]. External memories and circuitry will need these as separate signals so the 8085 has an Address Latch Enable (ALE) pin to control a transparent latch that will demultiplex them. When ALE is high, AD[7:0] drive out address lines A[7:0] and after ALE goes low, AD[7:0] is used as a bidrectional data bus.
The Intel designers ensured that the ALE level and timing would work with a readily-available logic chip of its day: the 74LS373 (now 74HCT373).
The demultiplexing can also be done by 8 falling-edge triggered flip-flops. However, the address on AD[7:0] will not be passed to connected memory chips (e.g. SRAM, EPROM, parallel Flash) until ALE falls. With a transparent latch, the address on AD[7:0] will flow through to memory chips as soon as the 8085 outputs it. So using flip-flops means shorter memory cycles at the memories because they cannot start decoding the address and accessing the memory cell until later in the cycle.