I went ahead and tested some of it.
Theres quite a few ways to trigger it, but to answer your question about Armor, its dependent on when the armor is triggered. Someone like DD won't be able to plow through while someone like Bane basically ignores it completely. Its not too shabby, and it can break most wake-up invuln as long as its not covering the entire move until neutral state.
So like NW/Batgirl/Aquaman would be checked by this because they don't have true wake-up invuln and the move doesn't trigger itself until that range is reached (which you deduced yourself).
Someone like Kf who has a slide would remain unfazed until the invuln wears off, and when that happens she gets knocked like everyone else.
Certain moves (Bane's armor) don't care simply because the invuln (or armor) never wears off.
Someone like DD on the other hand has delayed armor and wouldn't be able to get in because he would be knocked out before the armor takes place.
As for "point blank", that's not very effective since most moves will invuln through that time frame. Likewise, some characters that have full-screen options, evades, and supers that reach the distance will get a nearly free punish. This isn't something you should be using recklessly, though it definitely could tilt some matches in her favor if its abused.
The only problem is abusing it. The situation isn't reliably replicated in a match against a fair number of characters, and the areas where it is abusable aren't favorable positions should you fail to pull it off since most are in the corner, or based on roaming interactables. Then theres the necessity for opponent action which also throws a spanner in the works.
Its a nice bit of tech, or bugged tech, to be sure. However I don't think we'll be seeing any more than the usual number of Ravens in top 8 majors, with or without this.
