They would work as well as other UPSs.
UPS inverters use a similar frequency [range] to that which is used by the switching DC supply used by the external drive. Both are possible noise sources for their output (AC in the case of the inverter; DC for the HD supply), but are sufficiently filtered (smoothed). I would bet, without seeing actual waveforms from the different UPSs, that either type's noise level is much less than what would have an effect on equipment's power supplies. (If I had the energy, I'd go get my 'scope and take a snapshot of the APC output. In fact, someone out there has probably already done that.)
I wouldn't worry too much about buying a "Pure Sine Wave" type over other UPSs. I'm running several models of APC UPSs in house, both the smaller "consumer" models and the more "pro" model for my Mac server. The smaller, consumer model, runs my "farm" of five external drives without any problem. I have another one running my sat receiver and its external drive.