ok, I'm tempted to say the answer is probably "no", but I noticed (while on fire) that if I put up my shield (again, WHILE on fire), it flashes with every tick and I hear the fizzle of the shield taking damage, as if I were blocking a Red Rover or Scorcher.
To confirm, I AM still taking damage but I haven't compared HP loss to merely letting it tick.
So does it help to put your shield up? Or is it just a quirky bug?
Poison - No effect if you shield, but poison deals no damage to you itself
Shock - Shielding stops the damage ticks, but you are still shocked
Freeze - Shielding blocks the unfreeze damage, and if you are hit while frozen and shielding you will become unfrozen.
Curse - No effect unless the curse affects your shield key, in which case the curse hurts you if you try.
Fire - Shielding does not block the damage at all as far as I can tell.
Stun - Shielding has no effect on stun, except being slower to bring up.
Sleep - N/A