I’m not trying to portray myself as an expert in this and in fact I never have been. But my take is this....
When a nearby lightning strike causes a nasty spike to appear in the phone lines feeding my modem, I reason it will be common-mode, ie both conductors will see the same spike with same polarity. Since my modem appears to be ungrounded, that spike will simply pass through the modem (possibly destroying it) before heading out into the ethernet cables, repeating the process at my router etc, trying to seek a path to ground.
My possibly flawed understanding is that whilst lightning is a complex energy phenomenon, at the manifestation point of contact above, it behaves as a current source. A fixed current will flow in passing the spike to ground, regardless of the resistance to ground. In order to satisfy Ohm’s law, the greater the resistance, the greater the voltage across the path. If the current can find no convenient metallic path, even if it is a relatively weak current, it will create a very high voltage in the form of a spark, and that may be what causes damage.
I’m not convinced these currents are necessarily very high (we’re not talking of a direct strike), so
I would assume that a path to ground comprising a few hundred ohms would still be preferable, compared to the ‘fresh air’ between my modem input and ground.
Repeat again I am no expert. Would be fascinated to be corrected on above thinking.