In a word, yes. My testing (beta 2), I blocked one of my buddies and had him call me and then text me. The call went straight to voice mail. No ring on the phone. No indication that I "missed" his call. The text just never came. When I unblocked him, his call came straight through, as did his text. But even after unblocking him, the first call and text never showed up. At all. The only indication of any attempted contact from his tries while blocked was the voice mail message that he left.
In a perfect world, a blocked caller should not be sent to voice mail, as well ... but I can definitely live with it like this if that?s all Apple gives us.