It did something. Did it save the system? Can't say for sure.
This is the problem with many protection devices, you don't know that it's protecting you until the day it doesn't, then maybe you (or your kit) die!
Most of our surge arrestors use MOV (Metal Oxide Varistor) devices
https://en.wikipedia.org/wiki/Varistor .
These chaps present a high resistance until the voltage across them reaches their trigger voltage at which point they very rapidly (sub-microsecond) clamp that voltage to a "safe" level thus protecting whatever is downstream from them.
Of course, you don't know that they've actually done anything, they look exactly the same in their "before" and "after" photos.
One thing with MOVs is that they "wear", each time they capture a surge the trigger voltage decreases slightly. Eventually the trigger voltage reaches the operating voltage of your circuit and the beasts turn on, permanently. This is not good as a lot of energy gets dissipated. The result is either that the built-in fuse or thermal protection opens or the beast turns into two connectors and a rather blackened area (fires have been caused!!).
I suspect that the device pictured either suffered a massive surge and suicidally did its job, or it's been quietly absorbing surges over the years and eventually wore to the point that it never turned off.
We've had two experiences where I "know" a device "saved" us.
The first was way back in 2012, not long after we moved into our shiny new home. We took a direct strike to the roof; our steel roof structure is actually a very good ground (measures better than our rod) and the only damage other than very frayed nerves (it was LOUD) was two ridge-tiles and a lump out of Madam's (rather expensive) solid teak barge board. I noticed later that the SPD on our incoming supply was showing the red indicator marked "replace". So, it had evidently done something.
The other more recent incident is solar related.
In 2020, after a night's flash-and-bang we awakened to a rather annoyed beeping from the solar inverter accompanied by the "GFI" and "Alarm" lights. I unplugged one panel string and reset the inverter and it started OK, plugging the string back in got the error again.
OK maybe the damp got into the wiring somewhere, it shouldn't as the connectors are "weatherproof" but it did rain a lot. Insulation test to ground at 250VDC measured zero at the inverter plugs. The same string was 650M at the roof connectors, phew, no mountaineering needed.
The only thing between the roof and the inverter is my DC MCBs and the surge suppression. None of the surge arrestors were showing the red indicator. Wrestled the surge arrestors out of their holders, one read zero at 500V (they are 1000V units), the other was about 800k. The units from the other string read 100 & 125Megs. So, we have MOVs that have expired without going red. I suspect they did actually do their job and absorb some nasties, I also suspect that the inverter leakage detection is a bit enthusiastic.
As noted above, MOVs reduce their threshold voltage as they absorb surges. Eventually the trigger voltage goes below the normal circuit voltage and they stay triggered, get hot and melt the solder on the indicator flag which drops into the window and opens the circuit to the MOV so we don't start any fires.
When the new MOV cartridges arrived, I checked them. One measured 1,700 Megs @ 500V (2,000 Meg range) the other measures open circuit on the same range.
Evidently even the remaining "good" units had done their jobs and degraded somewhat.
Those same units are still doing their thing, I did check them when we replaced the inverter, there is certainly some wear showing but the inverters are not objecting. yet.
EDIT I just counted our SPDs. We have a total of 12 double-pole units of various flavours (mostly on the solar) along with an uncountable number of little ones scattered around the "sensitive" kit.