In the case of a WR being blanketed by the CB, the QB will either decide he is too well-covered or will try to throw the ball to a place that the CB cannot get to and the WR has the greatest chance to catch it. When the ball is thrown, the CB makes a decision whether he will attempt to knock the ball down, go for the INT, or realize he can't get there in time and try to make the tackle. If he chooses to try to make an INT, he is less likely to knock the ball down, and if he is unsuccessful at getting the ball in this case, the WR may have a better shot at making the catch. The punish receiver/courage attributes also come into play with the WR catchability.
A more experienced CB will be less likely to try to make an INT if it is an extremely close call than one who is less experienced, but also a less experienced CB will be more likely to let the WR catch the ball than try to make a play on it. It's complicated, I know ... and hard to really explain ... but that's kind of a basic overview of how it works.