No. The hosts file doesn't affect any routing.  It only affects name lookups.  Since 216.58.212.68 is an IP address, the system won't look it up in the hosts table.
Read here for more info on the hosts file: http://manpages.ubuntu.com/manpages/trusty/man5/hosts.5.html
If you want to block connections to an IP address from your system, there are a couple of ways to do that, like:
- Blackhole traffic using the - routecommand:
 - route add 216.58.212.68 gw 127.0.0.1 lo
 
- Reject traffic using the - routecommand:
 - route add -host 216.58.212.68 reject
 
- Null route using the - ipcommand:
 - ip route add blackhole 216.58.212.68/32
 
Now, if you want to block traffic to a system by name, you can add a fake entry to your hosts file pointing that name to the loopback address:
127.0.0.1    badactor.evil.com
Then any traffic trying to get to that host from your system will be faked out – as long as your system is set to use the hosts file lookup prior to DNS.  Any specifically DNS based lookups will still work, although you could use a DNSMASQ server like a Pi Hole to block even DNS lookups.
Make sure you read the man pages for the route and ip commands, so you'll understand how to make these commands persistent across reboots if you need them to be.