Here is an attempt to make the SPD wiring effect more obvious:

The surge on the supply is usually limited on LV networks to around 6kV open-circuit as above that something upstream will tend to flash over. While the supply cable impedance tends to 50-80 ohms for long lengths (its characteristic impedance), for 100kHz that is longer than 2km so not likely, and for shorter cables (i.e. surge closer to the SPD) it looks close to some R & L and often is as low as an ohm or so, so the surge current is often taken as around the 3kA or so region.
So your typical surge might be of the order of 3kA and 1.5kV over the SPD which is about 4.5 MW. While that is a lot of power, it is typically only for around 20us or so, so represents about 90 J of energy/heat.
Looking up zinc oxide as the typical material for a MOV surge protective device, if we take it as weight about the same as a 20p coin = 8g then it is about 0.1 mole of compound. The heat capacity is given as 40.3 J/K/mol so such a 90J surge will heat the disk up by about 23 K which is easy to survive.
Doing the same for the ~350us surge from a direct hit on to some aspect of the power system (or local ground linked to a lightning conductor), instead of the ~20us from a nearby strike inducing current, you have a disk temperature of hitting about 410 C and so melting the contacts for safe disconnecting. Next hit and your electronics is toast...
The bigger type 1(+2) SPD often use GDT (gas discharge tube) so when they fire the volts drop down to ~100V to keep the device's dissipation down by a factor of 10-15 compared to a MOV that tries to tough it out, but they have issues of mains AC current follow-through so sometimes have a lower voltage MOV in series to try and let any arc quench on the AC zero-crossing much faster, etc.
But looking at the lower circuit you can see that the L of the SPD's cables is in series with the surge current, so the volt drop along their inductance is presented to the load. Which it might not enjoy.