“yes”, and no
it absorbs flat dmg value, but at the beginning of the chain instead of the end 
, and unlike absorb, only works on specific attack types (part of the problem) - even if you have 100% block recover and 100% block chance, it’s still thoroughly meh in many scenarios [1.2.1.6] [HC] Dawnbreaker Warder SR 39+, Facetank* Callagadra - #11 by grey-maybe , unless you somehow manage to get omegazillion block amount on top(which you don’t)
order of defence:
So after a couple of tests, here is the correct order:
% total damage reduction
Fumbles/Impaired Aim
DA evasion
Evasion/Deflect
Low OA damage penalty
Block
Racial Reduction
Resistances
Armor
Limited Absorb (i.e. Crab)
% absorb
Flat absorb (i.e Ascension)
Health
ex being; block doesn’t even work on Aleks meteor attack types to begin with 