I assume you're just using the UPS on your computer equipment, not the audio stuff.
Cheap UPSs do a couple things:
- Just pass on the input voltage/freq as long as it's within a certain range
- If it goes out of that range, cut it off and replace the power with a square wave (or a couple overlapping square waves).
So, when you're operating on normal wall current, I'd expect the UPSs not to do anything bad or good. It'll only matter when the power is fluctuating drastically, or goes out completely. In either of those cases, you probably want a UPS to protect your equipment.
The middle-of-the-road UPSs will also boost or lower the voltage if it's only off by a bit to keep it within norms. This is also known as AVR (automatic voltage regulation). I'm not sure how that effects the look of the output. But I expect it won't be good. Again, this'll only kick in when the wall power is really bad.
The more expensive UPSs will produce a good sine wave from battery power. But even these (for the most part) just let the power go on thru whenever it's "close enough" to the spec.
If you also want to use a UPS for power/line conditioning, you'll need to get something much more expensive. There are UPSs which (like the PS Audio power plant) will always convert to DC, then from DC back to a very nice AC. That way, there isn't even a hiccup when something happens to the wall voltage, and you get very clean power going to your equipment. Such devices cost money (and lots of it).
Auda ibn Jad