Yeah, most danceable music can be broken down into phrases of two measures. I used to have an instructor who would always get on to me if I started "on the back half".
I listen to the melody, crescendo, instrumentation and expression. I totally forget about beat and rhythm. Of course a non-conscious part of my brain keeps synced to the beat, but what I actually hear is music as a whole. When I dance on2 to some kind of salsa music I do actively listen to the beat to keep synced, because intuitively I do prefer violins over calves and congas.