Yeah. With an electric radiator, it wold get a lot hotter if you blocked it. A hydronic radiator will just rise to the temp of the water and no further.
For a cosmetic solution, you could have those wooden/lattice 'radiator covers' made by a local outfit for not too much money, and put a little insulation under them to knock down their output by the desired amount.
I looked up what kind of radiators I have and found that they're called "heating convectors." It isn't feasible to wrap the metal fins in a blanket. At best I could cut foam insulation board to sit on top of the fins and duct tape the same to the underside.