Does Ultimate Inspiration work on a Giant Monster?

Here is what GM code does:

If you are a higher level than the Giant Monster, you will do damage to it as if you were its level.
If you are a lower level than the Giant Monster, you will do damage to it as if it was one level lower than you.
A Giant Monster does damage to you as if it were your level.

So would you damage it as if you were a level higher then it?

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no because of how the scaling code works

it doesnt matter how many lvl shifts you have, you will always fight the monster as an even con

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Right. In effect, your shifts are calculated first, and then the GM scaling is calculated. That means that the only effect it's possible for a level shift to have is to change where you are in the quoted rules (below, at or above the GM's "native" level).

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Blue
American Steele: 50 BS/Inv
Nightfall: 50 DDD
Sable Slayer: 50 DM/Rgn
Fortune's Shadow: 50 Dark/Psi
WinterStrike: 47 Ice/Dev
Quantum Well: 43 Inv/EM
Twilit Destiny: 43 MA/DA
Red
Shadowslip: 50 DDC
Final Rest: 50 MA/Rgn
Abyssal Frost: 50 Ice/Dark
Golden Ember: 50 SM/FA