Adrian Roselli puts together a thorough and insightful examination of how various screen readers announce some of the common patterns used for marking up blockquotes. I’ll definitely be revisiting my approach to blockquotes here on the site based on his findings and reasoning.
What works for you may be different. However, I definitely recommend against using
<figure>with<figcaption>. Enough that I adjusted the advice for<blockquote>at MDN. It is unnecessarily verbose in NVDA, JAWS, Orca, and macOS VoiceOver.
I found it particularly interesting that the cite attribute can be skipped entirely due to the fact that no screen readers use it and JAWS creates more noise by reading the URL out loud. I also learned there’s no meaningful connection between the cite attribute and the <cite> element.