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Nope, it does routing just fine too, as well as DHCP, VLANs, and lots of other stuff. See the manual here.

FWIW, I'm running Verizon FiOS 1Gbps service with 5 static IPs on a (fanless) Netgate 4200 using pfSense+. The 4200 hardware is really overkill for this --- I bought it with the idea that Verizon might be offering 2Gbps service sometime soon, but that still hasn't come to my neck of the woods...

Getting back to the original point: if you own your home, I suggest looking into getting a whole-house surge protector. These devices are normally installed inside the electric meter box and provide strong first-line defense against lightning surges. UPSes are good second-line protection, but...