I don’t see why not. The component of sunlight that bleaches hair is exactly the same one that causes tans and sunburn–UV. At least it ought to slow down the bleaching process some.
Yes, regular sunblock would have worked; the UV filters mentioned in Q.E.D.'s link are probably the same ones in sunscreens. Remember, though, that sunscreen chemicals are oily, and large amounts probably cannot be incorporated into hair care products without making the hair oily. I’d guess that this stuff is an SPF 2, at most (but I can’t be certain, as I do not have the ingredient list).