the volvo accessories catalogue I am looking doesn't have a tow bar for towing the car, so yes to tow other things - e.g. caravan, trailer, etc
With an R-Design, the lower rear skirt is cut out for the hitch. It's not a clean look. I've seen it installed on the 3.2/T6 and this isn't a problem as the skirt sits higher and hitch clears the bottom.