Magnetic continuum robots (MCRs) enable minimally invasive navigation through tortuous anatomical channels, yet axially magnetized designs have largely been limited to bending-only motion. To expand deformation capabilities, this paper presents a simple assembly that embeds permanent magnets radially within the catheter wall, allowing a single externally steered permanent magnet to independently induce either bending or torsion. A physics-based formulation together with finite-element analysis establishes the actuation principles, and benchtop experiments validate decoupled mode control under practical fields. Building on this, a dual-layer blockage mechanism consisting of outer grooves and inner plates leverages torsional shear to achieve on-demand drug release. Finally, an in-phantom intervention experiment demonstrates end-to-end operation: lumen following by bending for target approach, followed by twist-activated release at the site. The resulting compact, cable-free platform combines versatile deformation with precise payload delivery, indicating strong potential for next-generation, site-specific therapies.