I'm grateful that I've never had to test this out. It represents the most desperate scenario (i.e., immediate and certain death is the other option).

From the work I've done with industry, dealing with fall protection and fall arrest, 550 lb. is a joke.

Even with an absolute static load of 200 lb., you are at redline. The slightest swing or bounce puts you at or above 550.

With a very small drop (a foot or more), the shock load on the line magnifies as much as tenfold -- the weight of a full-size pickup truck.

The bottom line is: you have no margin whatsoever for movement, error, anything, using paracord.

(This is assuming, of course, that you have fresh, genuine, tested-quality paracord. There are lots of very close-looking clones out there, made in China. Fine for lashing down a tarp, but will they hold half of 550?)

P.S., I'm not beating up on the OP in any way. It's a good question, worth asking. That's what this forum is about IMO.