Most surge protectors of that era are MOV (semiconductor) type. Over time they may go out of spec a bit, but should still work in terms of gross overloads.
Older ones than yours may have a spring loaded disconnector. These can fail in either direction, but the better ones become oversensitive over time. It becomes pretty obvious because you have to keep resetting the spring loaded switch manually. I have one of these still in service.
Lightning arrestors come in various forms, some have glass discharge tubes filled with a special mix of gasses design to conduct (short the circuit) at high voltage. As long as they keep their seal, they will work indefinitely. Sometimes you can tell just by looking at it (corossion, cracks) that it is compromised, otherwise problem is, it's hard to tell if they work without testing.
I live along a ridge in hill country. I have a bunch of surge protectors/arrestors of various ages. I continue to use them, but I use them in deference to their size and age. Meaning, I rely on newer ones for expensive equipment and older ones for older, less valuable equipment. I've had to toss a few, and a few UPS's hooked directly to the mains, over the years. Since the MOV's are always blown with this happen, I am confident that they caught a lightning strike to the power lines.
There is an internet personality w tom that trolls forums and claims all surge protectors are a scam except for one favorite type of his. His end argument is always the direct lightning strike, and ignores any other scenario. Well yes, if lightning hits your electronics directly, it will do what it wants and what it is plugged into won't matter.
I have multiple direct strike experiences and can tell you lightning can be weird, taking out parts of systems and leaving others, seemingly more vulnerable, alone. When I related these stories I was called a liar, and part of the scam conspiracy by the roving internet personality.
If you want "the best" I have used Brick Walls through multiple types of power events and never lost equipment protected by them:
https://www.brickwall.com/