Lightning is a completed circuit to ground via ANYTHING the lightning may 'strike' which is highly random in it's predictability of chosen ground.
Lightning actually meets at some location between the actual ground, (earth) and the 'bolt' coming from the sky. Virtually invisible feelers are sent into the sky in an electrically charged atmospheric condition where they are met by their electrical counterpart and boom one has a lightning strike.
Lightening will travel via any conduit available and blow out all kinds of circuits, given the right set of circumstances. For example, my wife showed me a picture of her friend's yard where a recent electrical storm with lots of lightning hit a tree in her yard, care to earth and ran along the ground, tearing up the grass until it hit the casing of the well. It did NOT blow out the well or it's wires, but it did fry the cable modem inside the house.
Things like underground lines, cable, tel, underground utilities often get fried and sometimes they don't, but proper paths to ground for all possible conductors is just best practice regardless of potential site specific outcome.
My wife's uncle had a ball of fire (from lightning), come down his chimney and burn it's way across the living room floor in one storm- so anything can happen- remember we're talking mother nature here and we all know how predictable and consistent she is, right?!