In this study, a tunable bifunctional polarization-independent metamaterial device based on Dirac semimetal films (DSFs) and vanadium dioxide (VO2) is investigated. At the VO2 insulator state, a polarization-independent electromagnetically induced reflectance effect can be achieved via destructive interference between bright and dark modes. When VO2 transitions to a metallic state, the proposed device behaves as a dual-band polarization-independent absorber with 99.9% and 94.5% absorptance at 9.06 and 10.9 THz, respectively, and is insensitive over a wide range of incidence angles. In both cases, refractive index sensing is achieved, and the response can be dynamically tuned by changing the Fermi energy of the DSF.