Nope. Perk is [BAD WORD]
Even if it wasn't a hex: perk it'd still be hella situational if not damn-near useless.
Honestly that's probably the best course of action for this perk though, even with some decent buffs I don't see this perk being anywhere near Hex-Worthy. Better to get rid of the Hex: and put it on a longer cooldown instead, alongside with other buffs like maybe what you mentioned about blocking the nearest number of pallets rather than on a ranged restriction.
I would actually say that's when it is the most useful. The reason why the perk sucks is because it blocks pallets within a 16 meter range, but with the on-hit speed boost a survivor gets that literally doesn't matter because they can just run to the next thing that isn't blocked, that's why it sucks.
However, in late game when more pallets are destroyed, there might be nothing left to run to, so if a survivor is trying to survive off the last fringe pallets on the edge of the map and that's the one that's blocked, they're kind of screwed as their last resource was blocked off. Late game is one of the few situational instances where you might actually be more likely to get some use out of it than at any point previous in the match.
Problem is, it's a HEX: perk right now, and that's when it being a Hex: Perk creates problems, most Hexes don't last all the way to end game to begin with, unless you're really lucky and get a good totem spot (but most spots aren't) or you're lucky enough to be on a map where totems can be difficult to find in the first place (Swamp, all indoor maps, red forest, etc.). Again, Hex: Perks denote a High Risk high reward strategy, but Hex: Blood Favor is absolutely garbage so you're giving yourself High risk for little to no reward. So yeah, the perk is still garbage regardless.