I think the flag should work in the same manner for both type of skills. Take for example the LaunchBomber(Wind-Up Toy) skill under Projectile which is very similar to Teleporation as both skills require a target location away from the caster. In case of LaunchBomber (or its derivative skills) the vision block flag is respected.

IMO, IgnoreVisionBlock makes more sense for teleportation since by definition one is not "throwing" the body/character to the target location which would require line-of-sight. As per the animation (and general understanding), the character just disappears and reappears in the target location. The only constraint for teleportation should be for the spawn point to be on a valid surface respecting the fog-of-expoloration and/or the effect radius - whichever is more constrained.

The presence of the flag only suggests that this might have been the originally intended behavior. May be someone can enlighten me if line-of-sight is computed differently for projectiles and magic spells?