I am frantically trying to finish a throw for a gift. My question is does it need to be blocked. The yarn is machine wash and dry. So does it need to be blocked or do I just wash and dry it. Obviously in the future it will need to be washed and dried so I’m a little confused. I have blocked other items and can see the benefit but since it’s a throw (blanket) I’m just not sure. And actually I am curious once an item has been blocked, in the future and you follow the care as directed by yarn manufacturer how is the item affected. I hope that is clear what my questions are

You should block according to the ball band instructions. So in your case, the best thing to do is just as you say, machine wash and dry as directed. That’s the way the throw should be treated in the future too. This works for superwash wool and acrylic.
Usually with wool items all that’s needed is to shape them flat and let them dry. Lace however often needs repinning to keep the pattern open.