There is no difference. We are all human, no matter Korean, Japanese, or any other culture. As such, we all have arms, legs, heads, hands - and they all move the same way. That Taekwondo had borrowed the entire concept of a martial art style - including uniform, training methods, advancement, and forms - suggests they cannot escape the essence of the forms that they borrowed, even if they changed the forms.
It seems no secret that the Taekwondo founders had no idea, or care, about bunkai, and even today, it still seems quite denied: The Kukkiwon textbook and Choi's Encyclopedia are both devoid of any meaningful bunkai (bunhae, in Korean), and often, the sparse applications mentioned go against the grain of conventional wisdom established in the system it was influenced from.
But denying bunkai's existence, or pointing to poor bunkai, or showing lack of application in the main books of the style as tacit refusal to accept its existence does not mean it doesn't exist: just because two styles have the same technique (eg, a low block) does not mean the movements must be interpreted in separate ways, no matter the name you give the technique.
The analysis of a form's movements can - and should - yield more than one application - sometimes dozens. Sometimes, the result is rather ridiculous, and I tend to pick on the Encyclopedia and Textbook often to explain. You are correct to doubt the application of the neck wrap as a way to protect the neck, because you point out it looks like a rear naked choke. But that doesn't mean the technique shouldn't be performed; we need to think about the intended purpose. In your example, it's not about protecting the neck.
You asked about blocks. In real Karate, there aren't any blocks. What we call blocks we commonly find things to block; the reality is they are usually grappling techniques: throws, locks, pins. They're strikes, too. Maybe parries. But usually, they're grappling maneuvers. There's absolutely no reason why this can't apply to Taekwondo as well. Why shouldn't it?
I've heard of some amazing feats of human achievement (read: fanciful luck) where a technique is used to catch punches, rip out groins, yank out hearts, or knock out an enemy with a stare... Meanwhile, some techniques - notably the junbe positions - are often spouted as some sort of greeting, or having some spiritual representation of elemental objects. Yikes. Maybe the shape of form takes on such meaning. But the techniques within - the business end of the concept - have meaning applicable to self-defense, not some celebration of a Korean general or ancient element like a pine tree and rock.
The elemental meanings, or representation of famous icons in Korean history - these - and not the bunhae - are the "add-ons" to the forms. The bunkai is there, and always has been. It may have been forgotten, or reforged into something else. But there's no denying bunkai - real bunkai - exists.
If you want to know more what your Taekwondo blocks (or forms) mean, I'd suggest asking a competent instructor. Failing that, find a competent Karate instructor (preferably, one from Okinawa - their teaching methods often emphasize the 'why' over the 'how'). Even, consult a competent Chinese style instructor in any Kung Fu substyle - they do the same thing as us in Taekwondo and Karate (bunkai/bunhae)! Meanwhile, read books on bunkai. Question everything. Practice often. Find out what works, and decide for yourself what is fanciful and what can work.
Oh, and sub-questions:
Sub Question A: Does the wrapping motion of Taekwondo Blocks interfere
with the Bunkai?
No, it doesn't interfere with bunkai (analysis). But it is not the correct yield for bunkai.
Sub Question B: What is the purpose of the wrapping motion in TKD
blocking (from an application perspective)? The generation of twisting
power and range of motion is understood and need not be discussed.
The wrapping motion is not a motion. The arm is wrapped because it has grabbed something - ostensibly, the opponent's hand who is grabbing at the lapel, throat, or shoulder. The arm underneath is also wrapping, and in my opinion, is probably incorrect: that arm should be outward, either touching the opponent to maintain a sense of distance or blind sight; or it is reaching for something (which seems the case if the hand is in a fist). I tend to keep the underhand outward, so I haven't had time to think of any bunkai which has the chambering hand wrapped underneath. My first thought is that it's useless, but maybe someone can come up with a viable example.