Will I get notification shown in ZenWatch from my paired device?

Yes. When a notification is shown on your phone, it will also be shown simultaneously on your ZenWatch.

Two ways to block notifications from certain apps on ZenWatch:  
1. Access Settings > Block app notifications in Android Wear app.
2. When a notification is shown on ZenWatch, slide the screen from right to left for several times and you will see a "Block app" icon.

To know more about how to block apps, please refer to: How to disable the function of getting APP's notification sent to ZenWatch?
For detail information, please refer to Google website: https://support.google.com/androidwear/answer/6056843?hl=en