550 cord has an almost mythical status as the end all be all of cord here. I've got hundreds of feet of it and I use it for a number of things. However I also have vairous sizes of tech cord that I use. Paracord is great but it has a lot of stretch, it can be almost impossible to untie knots from in some cases, and while it's strong, it's not umbreakable, it's abrasion resistance isn't as high as tech cord and I'd never trust my weight to it. On the other hand, tech cord is expensive, some knots don't work as well with it (easily worked around by tying knots that do work with it.) For holding a hammock up, I use tech cord, I don't want to roll over and fall when the paracord breaks. For hoisting my pack in a tree though to keep critters out of it I use paracord.

Different cords for different uses. Paracord works for most but like I said, I'd never trust my weight to it.