Does the Dymo 550 series printers support compatible labels?
No - you cannot use compatible labels anymore with DYMO's newly released 550 series printers.
You will now be required to use DYMO's proprietary brand labels with all newly released printers, past the 450 series.
Fortunately, though, there are still options available - at least for the time being. DYMO will continue to offer the DYMO 4XL desktop printer, which does not require the use of their "Automatic Label Recognition" system and proprietary labels. Using the 450 series, like the 4XL, over the 550 will allow you the option to continue to use a variety of LabelValue brand compatible labels at a fraction of the cost.