At is core intent, ASC CDL is not a grading mode or "function", it is primarily a list exchange file to assist in translating corrections made in one application to appear in another.
The CDL can only describe RGB adjustments, as various other secondary qualifications, tracking, power windows, noise reduction, and everything else are not part of the protocol.
If you wish to start your treatment of an image in some other application, that's fine, if you want to continue your work for some reason in another, then exporting a CDL will be a step toward keeping the basic framework of the RGB adjustments that were made. A quick search seems to indicate to me (having never used Blender) that the list export is not a feature. It appears that the notional repurposing of the vocabulary simply uses the term "CDL" (away from its actual meaning of Color Decision List) to adopt the processing algorithms defined by the ASC that can be interpreted by other color applications to replicate the intention of the originating operator -- whether that is an on-set DIT, a cinematographer preparing a 'look-chart" for an online colorist, or an editor passing along notes to a finishing suite.
Where the confusion might set in is that Blender then uses different language and mathematics to describe the analogous processes of lift, gamma, gain (in Resolve, for example) and instead refers to them as Slope, Offset and Power.
Here is an article from Mike Most on the subject:
http://mikemost.com/?p=299#more-299You will encounter the term "display-referred", which is more important to processes affecting the absolute values of an image with respect to the colorspace it resides within. For example, the differences between P3 DCI space and Rec709. The RGB values defined to reproduce the same visual impression in the different displays will be quite different, and its why we have LUTs in the first place that are not simply "looks."
jPo, CSI