There are 2 wiring schemes.
If your control panel switch is a wall-type switch that illuminates when ON, it's getting 120V AC from the circuit breaker panel. The power then goes to a junction box on the front inside corner of the water heater. From there it goes to the small secondary switch in the outside lower left corner of Suburban water heaters (a small black rocker switch). From there to the Emergency Cutoff and Thermostat, then to the heating element, and finally to the neutral connection back in the junction box. The neutral wire from the junction box likely goes back to the neutral buss at the circuit breaker panel (my assumption).
If the control panel switch is 12V DC, there's likely a relay behind the switch. That relay sends the 120V AC to the junction box on the water heater.
Loss of neutral is most likely going to be a problem inside the junction box on the front inside corner of the water heater.