"Protects", yes. Surge suppressors should prevent damage to things plugged into it. UPS are really for power sags or outright failures. The capacitors in the UPS can absorb some incoming line irregularities and most do come with suppressors. The battery doesn't do much work when it comes to power delivery. Most UPS have large capacitors that the computer runs off of, there is a switching circuit that detects power failure and switches to the battery. You are not running your computer off the battery under normal conditions.
Nothing can really protect from a direct strike on your homes wiring. The suppressors can help mitigate against the effect of the enormous magnetic field that lightning can make when striking near the power lines. Or when lightning strikes substations, etc. This can cause local failure where the power will spike or sag hugely before going out. (It might not always protect against this)
Coincidentally, I had power interruption on Saturday. (Got a text that said it was caused by an animal, that was new) Pretty sure my Printer is dead, and it was hooked up through a nice APC surge suppressor. When I plug it in all the lights go on and the cooling fan runs with no input from a PC. Doesn't respond to the power button.
I might mess with it tonight and see if APC will cover it if I can't get it working.