Yes. The EMF inducted into the long lines would indeed fry the step up/down transformers and the switching gear in the substations.
About five years ago a large transformer supplying Phoenix cooked itself (inconveniently in the middle of the summer).
The nearest one was in Oregon, if I recall correctly, and had to be shipped to LA by barge and then transported by special heavy-lift truck to Phoenix, at about 5 MPH.
Overall, the process took several weeks.