Modern EV fire suppression systems for parking garages use high pressure water mists to contain the fire to a single vechicle for example. This keeps neighboring cars cool and avoids them catching fire, and cooling down the burning vehicle may avoid spread to more battery banks or other flammable materials.
Indeed but look at the size of the pipes and the pressure they're operating at. Far above the typical residential, what, three bars that come from the utility. The volume of water is the key.
Those pipes are dimensioned to be able to suppress fire in every parking booth of an entire parking garage full of EVs, each of which packing more of a punch than most residential battery installations. While it cannot handle every car being on fire, it needs to handle any car being on fire when it goes off.
This is orders of magnitude more powerful than what you need for a small residential setup. Have a professional evaluate what system is best - if they suggest a sprinkler system, which they might, I am sure they would understand the capacity of your residential water supply and suggest upgrades (new piping to mains or buffer tanks) as needed.
Worst case, you might also have existing recommendations or fire code/regulations for battery energy storage systems in your area, and while those specifically may be overkill they give an idea of what is considered necessary. Maybe you could consult your local fire department, depending on how things work in your area.
That's the thing: it will not, quite the contrary - unless it's many tons of water at once that quench the fire, the burning lithium will just go and create hydrogen gas that in turn recombines and leads to an even larger fire.