One idea of the ancients, (ie. me


) was that in 1970 , as soon as I put together my first component stereo I bought and used an outlet strip , which I can assure you were not common in those days. It was made by SGL Waber and had no surge protection. I had to get it from the local electronics supply place. (LONG since gone) What it did have was a pretty high quality power switch. (Motor and heater rated) I started using it after I had to replace the power switch section on a Mac C20 preamp. So I ended up hanging the whole stereo on the outlet strip so I would not have to replace that (slightly) hard to obtain switch section , which really was not intended to switch multiple power amps on and off.
More modern gear is switched on and off by a Triac or SCR arrangement which allows timers and remotes. These don't have contacts to get pitted , weld or wear out or get hot from high resistance. However like most electronic gear they don't resist lightning strokes nearby too well, or as has happened at the house I currently live in, the power company having too much slack in conductor leads up on poles and the wind blew some conductors into incorrect contact. This killed an outlet strip and some microcontroller boards in my house. So there is something to be said for a "disconnect switch" upstream.
There have been thoughts of leaving them on all the time for various reasons most of which don't make much sense to me. Thermal stability is nice if you feel you can hear differences in operating points which I seriously doubt. There was a meme or whatever you call it that turning on and off used more energy than just leaving it on. This never seemed correct to me. Higher temp inside the case might dry electrolytics faster to where you might need a rebuild sooner.
Old gear with linear transformers was much more resistant to distant lightning strokes. I theorize the stroke could be closer with a linear supply. I have only seen (at my now closed local surplus electronic store) one or two linear supplies struck by lightning. When the switch to switchin was made more people brought these dead bodies in for public display. (Lookit THAT!)
Now almost all outlet strips also have more or less surge protection built in. I have since 1977 used two outlet strips one for the power amps which were in the basement under the speakers and one local one which turned on the sources preamp tuner and crossover and sent a low voltage signal to a relay in the basement. to turn on the four power amps. The lights would dim for a second. I used a big clunky relay for an air conditioner. There was a relay for the relay.
I don't want to replace ANYTHING in my expensive stereo because of power issues. So now that I am in my newer digs and am upgrading to mch I have a quite a bit more elaborate power management system. Because lighting and surges still happen.
I would say that all this is even more true in parts of the world where they AC line is higher voltage than our wimply little 120 vac.