It depends on your intended use. Cheaper cordage can do many of the things needed around camp.
The reason many carry 550 mil. spec. para-cord is due to its usefulness. Not all para-cords are equal. Some dont have the 7 inner strands as the mil. spec. para-cord has. It can be taken apart and the inner strands used separately.
The 550 mil. spec. para-cord is rated at 550 lb. test strength. Inside the outer sheath, there are 7 strands. Each of these strands is rated at about 35 lb. each. The 7 strands are made up of 3 twisted strands. Each of these 3 strands have a test strength of about 11 lb. each. The outer sheath by its self is rated at about 300 lb.
In one length of cord, you could pull it apart and have a variety of cordage of different strengths to use for different tasks. From fishing line, to shelter building cordage, to suspending things. Your knowledge and imagination are the limit. All in a single length of cord.
Again, not all so called para-cords are the same. There are civilian versions and other knock offs so if you want the good stuff, pull open the end and have a look.
Neal