In Diablo II, Blind merely reduces accuracy of the enemy attacks, bringing their chance to hit to 5%. Other abilities, however, are unaffected.
While a Blind effect lasts, affected targets cannot move (technically, they wander around aimlessly in a very short-ranged circle, but do not count as Immobilized), are unable to attack and use active abilities, but the ongoing effects are not dispersed, and passive abilities are not suppressed. Channeled attacks of the monsters are also interrupted, so Blinding a monster while they prepare any charged-up attack will nullify that.
Blind is fully effective against all enemies, even against Bosses. It is potent enough to interrupt the bosses' attacks, up to an including the Red Lightning Hose. However, some Boss special attacks cannot be interrupted (like Belial's Meteor Strike in Phase 3, Malthael's Soul Sweep or Adria's Blood Rain). While these bosses, technically, are not immune to Blind, some of their special attacks are scripted events rather than actual abilities, and therefore do not depend on player's actions.
Crowd Control resistance reduces the duration of subsequent Blind effects.