It does. However, if you drain the UPS completely, you will have to login again and update the settings.
Most cheap UPS's have this issue. The solution is to open it up and identify the "buzzer" a black round component with a hole on the top. The beeping comes from it.
Once identified either desolder it, cover it with hot glue, or pop the top half off with a plier (I went this route). Beeping no more!