I would think that the following happens in a reverse polarity scenario due to the battery's protection circuit:
The battery goes high impedance by way of either an in-line MOSFET or a very fast acting (i.e., <=200 ms) auto-reset fuse that trips due to overcurrent (from the battery) trying to deal with the 0.5 A reverse polarity load imposed by the PSU.
I'm with Kilrah, here, from perspective of the battery. I'm not too keen on this "reverse polarity load," idea. It's just a load of 500mA to the battery. Charging a cell properly is what I would call a "reverse polarity load."
The "reverse polarity protection" on the cell is nothing more than a switch that cuts out when the voltage of the cell decreases below a certain cutoff, around 3V. And that doesn't happen at 500mA current-limited load until the battery discharges sufficiently.
The question is whether or not the PSU can limit the current in this scenario. I plugged a li ion battery backwards into a small charging circuit, once, and the chip quickly got hot and fried. The battery was fine, but I unplugged it after only a few seconds. For all I know, the current was still properly limited up until the chip fried, but the voltage drop absorbed by the chip was >4V instead of ~1V. But I wouldn't bet on it. Because in order to limit current, the psu/chip is going to do this by futzing with the output voltage. But if it's a linear regulator, it can probably not reduce voltage below 0... so perhaps it can't limit current, at all, in this scenario? Perhaps if it was a buck output, it could? Not really sure.
But in case the psu can't limit the current, perhaps the battery could save the PSU by virtue of its max discharge protection circuitry/fuse. Not the "reverse polarity protection." IMO. But I have to admit I'm not completely sure I know what I'm even saying, lol.