Settings -> Security -> SMTP Blocks happen at the SMTP level:
Email Address Blocking will block against sender(1) in your SMTP logs.
EHLO will block against the EHLO/HELO answer sent when the remote server connects.
That much I can tell you for sure. We currently are blocking some 1400 items in Settings -> Security -> SMTP Blocks and they happen before any other processing occurs (such as the items in your AntiSpam settings area).
Settings/rules in AntiSpam happen AFTER the SMTP Blocks are run. The SMTP blocks will keep the message from ever hitting your server to begin with.
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