In short, yes.
The shellshock sigs all have summary-key set to AxBx, so your initial alert should give you the attacker and victim IPs. For 1 summary interval after the initial alert, further events caused by traffic between that pair will be collected into a summary alert. Each event that causes the shellshock sig to fire will have its event-actions applied.
In the case of 4689-0, its SFR of 90 in combination with the default HIGHRISK event-action rule results in not just the produce-alert event action but also deny-inline.
We changed 4689-1 in S825 to have a tighter regex and lowered its SFR of 85 so that it will fire less and also will not block by default.