Yep. It wouldn't 'bounce', though, as that implies it rebounds off of something. Instead, it would speed up as it fell towards the centre of the Earth. But gravity decreases towards the centre, so though it's speeding up, it accelerates less and less.
At the centre, there's no acceleration. As it passes through the centre, gravity now begins to work
against the ball's motion. Gravity increases as the ball soars 'up' through the tunnel towards the exit, and the ball slows to a halt just at the lip of the exit - and then falls back down, repeating the process.
Disregarding air resistance, this process is a
simple harmonic oscillator.