It is a trade off. I have 550 in some of my occasional EDC stuff, but I always have dacron line handy. It is a PITA to work with as far as abrasion and pinching goes, and it will definitely cut or burn your skin if you are handling it under load, but it will work, and I can carry it with me under most any condition without encumberance.

The bottom line is, it will get the job done. It may not be the most convenient or ergonomic to work with, but it is more likely a normal person will edc enough of it to make a difference where they might not otherwise edc any cordage at all, other than sewing thread or floss. I would not normally carry even 10 yards of 550 in a pants pocket to work, where I could easily carry 25 or more yards of dacron line spooled around the pen in my vest pocket or an old credit card in my wallet and not feel it much different from payday.

Rope, cord, and string all have their place, and each are more suited to different sets of tasks perhaps. I would much rather build a shelter or tie down a load or a tarp on a load using 5'16 polypropylene braid. I prefer 550 for tieing up bundles, lacing up pack loads, and shoe lace fodder. 120 lb Dacron line is good for catching big fish, catching not so big fish, snaring critters, and for making the tip of my finger turn purple when I wrap it around my knuckle a few times

I would not even want to think about having to belay a load using that dacron line and just my hands. It'd strip the skin off before I could get the load to the top, unless I fashioned some sort of grappling system to handle it with easier.