Wow thats pretty cheap, in the UK all UPS have doubled in price I think in USD conversion its currently approx $500. I could import it and pay import taxes and still pay only half.
To answer your question it would work, yes.
Would it run for 30 minutes with two devices playing a game, very likely no.
To give you an idea, with the CP1500EPFCLCD, on 15% load, I have predicted 50 minutes from the unit. 15% load is only around 130W, however if I cut the power now it would likely immediately halve to about 20 mins, and it will go down by a minute every 20-30 seconds, in other words the advertised run time is fantasy.
You would probably have 5-10 minutes as a guestimate, so basically enough time but act quickly, set PS5 to standby mode saving game state. (sadly I think its standby is akin to sleep rather than hibernation, so if you cant do this quick then shut it down instead.). As soon as you send the shutdown/standby command get the TV turned off. Also then shutdown game on PC and either hibernate it or shut it down. You have enough time, but not at a leisurely pace. Consumer UPS is about safely shutting down rather than been able to carry on, unless its a extremely short outage llke just a few minutes.
I have my UPS connected to PFSENSE, I have winnut running on PC, when battery hits 65% it auto hibernates.
Also the drain gets worse the lower the battery % which might catch people out as well.
The UPS for me lasted just over 4 hours powering my PFSENSE unit which uses 12W from 100% battery. However from 50% point it only managed 48 minutes. The efficiency also seems to go down the higher the load in my experience.
I had a power cut when playing FF7 remake and the runtime prediction was under 10 minutes right after I shut down the game. Suffice to say I hibernated like lightning.
With this poor performance its still been a boon though, I have had several power cuts even in middle of city, localised power cuts due to water leak, power loss due to electric maintenance, electric safety guy I let cut power for few minutes with PC on knowing it was safe as well. But because of UK prices my NAS has a dirt cheap UPS at the moment nothing like my main UPS.