When ClickGuard blocks an IP address or IP range in Google Ads, Google stops showing your ads to people on that IP or range in the affected campaigns. No new impressions or clicks come from it there, so you stop paying for them. Your other campaigns and past data stay the same.
When ClickGuard blocks an IP address or IP address range in Google Ads, Google will cease displaying ads to users from that IP or IP range for the affected campaign(s).
As a result, no new ad impressions will be generated for any campaign where the specified IP or IP range is blocked.
ClickGuard implements the block based on your predefined rules or through manual intervention by adding an exclusion entry to the affected campaign(s) using the Google Ads API.
You can monitor all exclusions through the Blacklist dashboard in ClickGuard, as well as from the Exclusions tab. Additionally, you can view these exclusions within your Google Ads campaign settings.
You can see every block action in your Change History:

If your Google Ads account is linked through ClickGuard's MCC (My Client Center), the change will be recorded under ClickGuard's email address. Conversely, if the account is linked via OAuth, the history entry will log your Google email address.
See also: Google Ads limit of blocked IP addresses per campaign.