Question

Does ozone absorb UV radiations and break s down into oxygen?

Answer 1

Yes.
If you need the entire cycle, here it is..

The ozone–oxygen cycle: the ozone molecules formed by the reaction above absorb radiation having an appropriate wavelength between UV-C and UV-B. The triatomic ozone molecule becomes diatomic molecular oxygen plus a free oxygen atom (see figure):
O3 + ℎν(240–310 nm) → O2 + O
The atomic oxygen produced quickly reacts with another oxygen molecule to reform ozone:
O + O2 → O3 + EK
where EK denotes the excess energy of the reaction which is manifested as extra kinetic energy. These two reactions form the ozone–oxygen cycle, in which the chemical energy released when O and O2 combine is converted into kinetic energy of molecular motion.