Assuming it's made properly, it should be fine.
A basic surge protector is just a set of metal-oxide varistors (MOVs) bridging each possible pair of conductors. In a three wire system 120v system that's one MOV from not to ground, one from neutral to ground, and one from hot to neutral. In a three-wire 240v system, replace hot and neutral with phase 1 and phase 2. Basically the idea is that if excessive voltage (typically over
600v) appears between any pair of whites the MOV shunts it aside before it can reach the devices being protected. (That will probably blow your fuse or circuit breaker, but that's ok.)
Better units add a bit more circuitry to monitor the MOVs and let you know if a past surge burned any of them out so they are no linger providing protection. But the basic protector itself really is that simple.
Note that the best surge protection of all is to unplug devices when they don't need to be plugged in.