Yes up to a point. But here is the disclaimer:
No surge protection device can protect against unlimited surges in either amplitude, power or duration. In certain cases it is possible that the APM will provide protection, but in the process become damaged so that it no longer provides protection. In this event, the APM LED will turn red, and it will begin to give a chirping sound. In extreme cases such as lightning strikes, the APM can be damaged to the point it no longer functions or provides feedback. Meets ISO 16750-2 for Load-Dump Surge Specification, ISO-7637-2 for Surge Capability, SAE J1171 for ignition protection and ASTM B117 for Salt Spray/Fog.