in general, blk is one of the areas where sets actually function materially differently. blk is most important in zone, then man, then press - with the spread between zone and press more than 2:1 IMO. this makes blk very unusual, normally we are talking about stuff like, well maybe bh is worth 10% more in the 3pt scoring equation in motion than it is in triangle, smaller stuff like that. note that in the 2-3 zone, the C uses his own equation and IMO relies extremely heavily on blocking.
anyway, basically, from a game consequence standpoint, i would say blk and def are both big drivers of 2pt defense, with def being important for 3pt scoring and blk being almost useless for 3pt scoring, with blk also being useful for blocked shots (which are basically half a turnover on top of the missed shot). you can't rack up blocks like you can rack up turnovers, and generally speaking, block-heavy zone teams have no better 2pt defense than block-light press teams. so its not like the blocking sets get better fg% out of their heavy blocking, its more they need the blocking to get good 2pt defense, and then the extra couple blocks a game are worth a turnover a game, or what have you.
also, fouling - defense plays a major part. i do not think block does. low defense players will foul more.
so i guess that's how i'd break it down. in m2m, defense is comfortably more important than blk for bigs, and much more for guards (although i think blk for guards is a bit under-respected in this game, outside of press teams). blk will drive down 2pt scoring, especially in the zone (where every player helps defend every shot - not just because blk objectively is worth more). blk will help on the possession battle because each blk is basically a half a TO. but meanwhile, i think blk does little for you on 3pt defense and fouling. a high def low blk m2m big would see lower 2pt defense and blk than a top tier big, while a low def high blk m2m big would see lower 3pt defense, lower 2pt defense, and more fouling than a top tier big.