the current is used as needed, just because it can draw 550 Watts does not mean it does so continuously. if you are gaming hard and using tons of resources, yeah, it will draw that power as long as necessary. This is where you want a good quality psu with high efficiency (preferably GOLD, but Bronze and Silver are fine, just less efficient) rating, so it can reliably produce all the power that will be required--while not wasting power on itself (more efficient, produces more, consumes less for itself)
as for UPS (I don't care for them at all) get as big a quality unit that can afford. more battery is better and you can run longer... OR, just get the minimum that would give you time to shut down gracefully in case of power outages (we do this at work so the boxes don't go down hard).