Extension cords with surge protection are worse than standalone protectors
They exist, but no, they are not as safe or reliable as a standalone surge protector.
The problem is physics and build quality. A surge protector needs actual components — metal oxide varistors (MOVs) — to absorb the spike, plus proper grounding. Most extension cords with built-in surge protection are cheaply made, with undersized MOVs and flimsy cases. They’re basically a power strip pretending to be a cord, but worse because the cord itself can be a weak point.
Standalone surge protectors are built to a higher standard, with clamping voltage ratings and joule ratings that matter. They also sit between your wall outlet and your device, not in the middle of a long cord where voltage drop and heat buildup can happen.
If you need surge protection, use a proper surge protector at the outlet. If you need an extension cord for reach, buy a plain heavy-duty cord. Don’t combine the two — you’ll just end up with a false sense of security and a cord that might not trip properly during a surge.
Your electronics are worth the extra $15.