When I think of what I'll most likely be using 550 cord for (ridgelines, tieouts, trotline/bankline, lashing, bow drill, etc) I've generally shifted away from paracord and more towards amsteel, particularly Lash-it or Zing-it. Although I can't separate the inner strands for other tasks, it's a fraction of the size and weight of 550 cord so I can easily carry more of it in the same volume, and it's rated 500 lbs itself. For tasks that do require smaller cordage, I do carry the even smaller spiderwire / fishing line.

A 33' / 10m length of it is good for a ridgeline, and small continuous loops make great soft shackles.

Here's an example of a loop I used around a pocket saw, I used a stick for my handles and it worked great.

It doesn't stretch like 550 cord, so ridgelines and tieouts remain more taught, and there's a whole line of hardware out there in the hammock community oriented towards it (carabiners, figure 9s, tensioners, etc). It all adds up to a great option for utility.

Downsides are that knots are almost impossible to get out, it tangles easy, and the ends don't fuse when burnt like 550 cord (though superglue works great).

Amsteel 7/64 is another nice alternative as well -- still a little thinner than 550 cord yet rated 1,600 lbs which is enough for hammock use, and is a little beefier than zing-it/lash-it for bow drills and perhaps improvised bow strings if you're being crafty.

None of it is suitable for life safety and shouldn't replace good climbing rope of course, but for the vast majority of bushcrafty tasks I like it better than paracord.