Yes, it does block resources and research and intel.
The point is generally to block these without having to fight the defenses (except mines), and/or to do so until your troop ships can arrive so you can take the planet intact, and/or to irritate the opponent and make him waste inordinate fleet resources chasing your blockaders.
No. System-wide abilities of a blockaded planet function normally. It is only the resource/research/intel production of the blockaded planet that is affected.