Two completely different things. The algae reactor will remove excess Nitrate & Phosphate, steady overnight Ph, hopefully out-compete micro algae.
The UV will kill any algae spores in the water column, help clear bad bacteria in the tank, raise your ORP (oxidation reduction potential), and if run at a proper flow rate can kill pathogens and parasites.
If you're using a lower end UV whose main purpose is the algae control then you may not get as many benefits, but they would still complement each other as far as oxygenation of the tank water. The reactor can remove nutrients, a UV cannot. It can only deal with free floating algae spores, which is how you keep it from spreading, while the reactor will hopefully keep it from forming in the first place.
But no, one does not negate the other. I plan to run both on my new setup as well.