It's worth noting that 550 isn't Watts, it's a "VA" rating, which is meant to account for 'power factor'. For wattage, 2/3rds of the rated VA is a safe rule-of-thumb.
But to the question; Yes, the rating is for the battery outlets (combined) only. The limiting factor is the inverter that turns battery back into AC. The surge outlets are pretty unrelated to the rest of the UPS, and merely included for convenience.
And to the paranoia; If it's overloaded, you will know about it. It'll either make a (loud) constant tone, or it'll just power off; depending how far over it goes. It'll do this so that you can't run it overloaded, but you won't cause damage doing so. Unless it's overloaded and trying to use the inverter (providing power from battery). This would be very problematic, and the automatic shutoff is to protect against that scenario.