Yes, but don't confuse a power strip with a surge protector.

They exist. They work. But most people grab the wrong damn thing.

An extension cord with a built-in surge protector is basically a power strip with MOVs (metal oxide varistors) inside. The cheap ones at the hardware store labeled “surge protector” might only handle a small spike. For sensitive electronics — computer, TV, audio gear — you want a proper rating. Look for at least 1000 joules, a clamping voltage under 400V, and a response time under 1 nanosecond. Brands like APC, Tripp Lite, or Belkin make decent ones. The no-name $8 special from the gas station is not protecting anything.

Also: surge protectors wear out. After a few big hits or a few years, they stop working. If you plug something expensive in, replace the protector every couple of years or after a known surge. And never daisy-chain them — plugging a surge protector into another surge protector is how you get a fire, not protection.

Your electronics deserve better than a dollar-store cord.