Hey! Whilst I haven't done UMEP Physics, I've done UMEP maths and I am familiar with UMEP Physics through a friend.
It is basically the equivalent to university level Physics course, except that rather than going to university lectures its in the format of weekly tutorials with other high school students. The content is very very challenging (he got raw 50 physics but only 4.5 for UMEP), and to be honest is rather "chaotic" with lots of assignments throughout the year as well as lab reports and other quizzes. But if you do enjoy physics then you should enjoy UMEP too.
However, for UMEP maths I can't speak more highly of. The workload is basically a third of Specialist Maths, and there are only two hours of weekly classes. The reward for effort ratio is absolutely unparalleled in VCE, and I highly suggest you give it a look if you're passionate for Maths as well. There are only 6 assignments throughout the year and 2 exams.
If you have any more questions I'll be more than happy to answer
VCE Class of 2021 (99.90)
Monash Medical School Class of 2026