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It is intended for installation in a service panel. In the US, the service panel (containing the service disconnect) has the neutral and ground bonded together
In a subpanel (with separate neutral and ground bars) there would be separate wires for the neutral and ground.
It shouldn't matter.
(You are suppressing surges on the service busbars, not branch circuit. Not obvious if you were saying something different.)
A surge is a very short-time event. Therefore it has relatively high frequency components. The inductance of the wire is more important than the resistance. Wire length is more important than it would seem. You want a short connecting wires from the suppressor to the panel connections. That is why the instructions say "keep the wire length as short as possible. If the wires are in close proximity the wire inductance is reduced. That is why the wires are slightly twisted.
A useful rating for a MOV is its joule rating. UL does not have a defined way of specifying joules. As a result some manufacturers are using misleading or deceptive joule ratings on their products, which puts honest manufacturers at a disadvantage. As a result, some manufacturers no longer provide a joule rating. The amp rating is equivalent, but defined. A high amp rating (like a high joule rating) indicates a suppressor will have a long life. A plug-in suppressor with high ratings could have an amp rating higher than a service panel suppressor. (There is no possibility of a very high current on a branch circuit; high current ratings just reflects a high joule rating.)
MOVs intrinsically try to limit the voltage across their terminals. In a service panel the H-N voltages are limited (also H-H). That can result in a high current to earth. Most of the energy in the incoming surge is dumped to the earth. A small part of the energy is dissipated in the MOVs.
At a plug-in suppressor, the MOVs also limits the voltage H-G, N-G and H-N. Because of the impedance of the ground wire, not much energy gets dumped to the earth. But because of the impedance of the H and N, there is similarly a very limited current that can flow. Energy dissipated in the MOVs is surprisingly small (and there is another reason for this). But the "ground potential" at the suppressor can be far different from the service panel. All interconnected equipment needs to be connected to the same suppressor and all external wires (power, phone, cable, ...) need to go through the suppressor. The voltage on all wires is clamped to the ground at the suppressor.