Nope, only prevents them from shooting into some structures. The shield module is really context heavy. For vehicle type structures, it acts as a vehicle shield, not stopping regular infantry bullets and some air noseguns. For infantry structures like the tower and barricades, they act as all around shields while having a set amount of HP until they collapse and then regenerate. This HP can only be depleted by heavier fire such as tank rounds, noseguns, rocketlaunchers and archer shots.
I'm not a big construction nut, but I don't believe it does. IIRC, it adds anti-vehicle shields to the sundy garage, anti-vehicle shields to the vehicle gate, and one-way shields (basically like the spawn shields) to the gaps in walls and the windows of bunkers and towers and stuff. I think that's about it.
The shield HP things is news to me. I've defended quite a bit at bases and never once seen structure shields go down due to fire. Now, the HIVE shield I've seen go down countless times.
I've never actually tested it on the top side structure holes. That's hard to get to even at an empty base.
