Yes it will.
Importance is relative. You can use the number of blocks to calculate some statistics. Also, if you press ctrl+[numpad+], you will see the serial number and hash of the blocks. (At least on windows).
Where it says “# blocks” in the status column I’m changing it to say “# confirmations”. That might be clearer.
If you doubleclick on the transaction you get a little more information.
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