From the article you posted, blocking still stops people from communicating with you.
The only difference with how it is now is they can still view your posts. I don't have a dog in this fight (don't have Twitter) but this seems like a good feature.
On reddit I've been blocked and then called a Nazi/reprehensible person/nonhuman scum. When blocked, you can't see what people say about you. I would like to report the comments for harassment, but I can't.
Blocking should stop someone from being able to communicate with you - but it shouldn't be a shield against reporting harassment.