Not entirely. From what I understand, these outbound firewalls are working at the kernel level and interject themselves into a network connection outside of the DNS lookup process. You could reverse-dns lookup the IP, which Little Snitch tries, but with things like CDNs and AWS EC2, you end up with a lot of reports of applications trying to connect to "foo.akamai.com" OR bar.akamai.com", where foo and bar are entirely separate entities, or just simply to ec2-0.1.2.3.aws.amazonaws.com or what-have-you. Little Snitch appears to maintain it's own cache of DNS entries as well, so if you've got one application that connects to some CDN's IP via it's own CNAME, many times other applications will appear to be connecting to the first application's CNAME when they attempt to connect to the same IP because LS has resolved that IP to the first CNAME more times, or first, or something like that.

It's not perfect, and frequently it isn't even helpful.