No.  It protects from all types of surges.  Even those rumored to be generated inside - for a long list of reasons.

Start with the most obvious reason.  How many appliances have been replaced today?  What damaged less robust appliances?  What protected GFCIs, dishwasher, clocks, furnace, recharging electronics, refrigerator, modem, LED & CFL bulbs, AC powered telephones (ie FIOS), garage door opener, TVs, and the most critical items if a surge existed - smoke detectors?   All those are suffering damage if internally generated surges exist.  Why not replaced daily?  Because internally generated surges are myths - intentional lies - generated to sell protectors that (otherwise) do not claim effective protection (such as APC).

If internally generated surges can damage those other appliances, then near zero joules in an APC are first to fail.

No protector does protection.  Not one.  That 'whole house' protector is effective because it makes a low impedance (ie less than 10 foot) connection to single point earth ground.  Then all types of surges - even a destructive hundreds of thousands of joule surges - are harmlessly absorbed outside.

For some reason, too many want to believe a protector must be between a surge source and its victim.  That implies a lack of basic electrical knowledge.  A surge does damage because it is hunting destructively for earth.  If any path to earth is not destructive, then all adjacent devices are not damaged.  What is a lowest impedance path?  That connection to earth (either by a hardwire with no protector, or by a properly installled protector) defines protection.

Earth a 'whole house' protector to do (more numbers - this time from the IEEE) 99.5% to 99.9% of the protection.  But, always, and again, a protector is only as effective as its earth ground (which obviously is not a wall receptacle safety ground).