The reason you feel an air bubble at the inside corner of you eye when you do that is because you are trapping air in your tear duct and applying pressure to that air (blowing your nose) while closing off one of the two openings to that tear duct (your nose).
Your tears drain from your eyes through tiny holes in the margins of the inner portion of each eyelid (all 4 lids have this hole, called a punctum). This punctum leads to little canals that drain into a tear sac which is located on the side of the nose just opposite the inner corner of your eye. From here your tears drain down a canal that ends up in your nose, which is why your nose gets stuffed up when you cry.
When you close off your nose and blow, the air that is in the tear duct only has one way to go and that is back up through the nasolacrimal canal and through the lacrimal punctum where tears would normally start their drainage route.
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My opinion is solely informative and does not constitute a formal medical opinion or recommendation. For a formal medical opinion and/or recommendation you must see an eye doctor.