In my world, blocking by domain has other reasons, not to thwart folks who have evil intent and can figure out how to use a proxy to get out.
It's to prevent accidental hits on sites that have bad files on them, block email links to suspect web sites (phishing, phony AV, etc.)
No use blocking by IP address as they move to different servers constantly, and thus change the IP address anyway.
We do use it to block some things like eBay use, but then our folks can't figure out how to flush a browser cache on most days so I don't worry about "them finding a way around it" anyway.
Power button? OK, what is that again? Where is it?
But because of the way things like facebook and others work, they have no set IP address, and they share IP addresses with menards.com, walmart.com, even Symantec.com was blocked here when I experimented with domain blocking! The AKAMAI servers used to resolve really confuse SEP, so the best block was custom intrusion prevention signatures.
I created sigs that looked for the strings inside of packets like "ebay.com" for example. WOW, is that effective and there's no boo-boos caused by DNS issues or AKAMAI any more.