​Small power strip surge protectors do a good job of protecting the device they are plugged into. However, they are a one-time use product for protecting your equipment from surges. When a surge comes through, they protect your device, but then they themselves usually need to be replaced.
Additionally, they only protect the items plugged directly into them. To protect your entire home, you must buy surge protectors for every outlet. And then, they would still leave hard-wired appliances and lighting vulnerable. This becomes cost prohibitive and actually costs more than installing a whole-home surge protector on your electrical panel.