It's not just cheap UPSes, it's cheap surge protectors as well. They exist because the vendor can throw in a MOV costing a few cents and increase the price of the power strip by 50%, not because they're any good. MOVs are sacrificial components which have either degraded to uselessness by the time they're actually needed or, if they're still working, can explode or catch fire from the energy dissipated. Even if they don't, all they're doing is converting an x-kV spike on active into an around-x-kV spike on neutral or ground. If you want to do it properly, use a series tracking filter, not a "surge protector".

No offense, but can you tell me how my 4.5 kW generator is gonna generate that kind of power surge?