Been wondering if there is any point to raise my shield XD

Not sure if it does by default, but there are perks in the block tree that allow it to do just that. On my sword & board guy, I even have a sword shield that does this by nature. Combined with the perk, I can charge sprinting into a dragon's breath with my shield raised and take no damage!

Edit for nonsense.

If it has a resistance to whatever offensive element the dragon's breath has, yes.

There's a perk for it.

There's also a specific shield that will block spell damage too.

Specifically, combining and the blocking perk, you can become practically invulnerable to magic.