The SN550's controller is based on the SN750's which in turn was used in many client/OEM drives like the SN520 and SN720, going back to the WD Black. Client/OEM drives do tend to be optimized towards LQD and 4K but
on paper the SN550 doesn't look very compelling. Client drives tend to be focused on consistent performance also, and Intel likewise optimizes their drives (e.g. 545s, 660p, 760p) towards this end. Intel worked with SMI (back to at least the 600p's SM2260) and they're very LQD/4K-oriented not least due to their Optane (3D XPoint) push.
If you don't quite grasp what I'm saying here, it's that WD in many ways followed suit. One telltale sign of this is static SLC (read up on it under my SSD Basics link): all of those Intel drives I listed have some or all static, and all of WD's drives I listed have static. This provides very consistent performance even when the drive is fuller and outside of SLC. WD is very aggressive also with its power states which is why it has good loading time and responsiveness despite the controller being more heavy-oriented. This does mean higher power consumption when idle by the way.
So the SN550 has a decent controller that's always ready to rock. It has very fast, consistent flash (96L/BiCS4) and reliable (static) SLC. For workloads that fit within its SRAM (4GB+) it's even good with writes. Its 4K read performance on paper is again not great, esp. at LQD, but it makes up for the lack of DRAM and the powerful controller by its overall design.
That being said, I think a SM2262/EN-based drive is superior, not least because they have larger caches (for bursty workloads) and better optimization. I just think that if you're going for budget the SN550 is a compelling option and further, the SN750 and 970 EVO Plus (for example) are overpriced for this.
FYI AnandTech has
reviewed the SN500 which is the precursor to the SN550 (64L/BiCS3 like the SN750 being the main difference) and in the conclusion:
"The WD Blue SN500 defies expectations ... The WD Blue SN500 doesn't buckle under the pressure of our most intense tests, and it performs surprisingly well on The Destroyer even when compared against some high-end NVMe models of similar capacity ... Compared to the other small entry-level NVMe SSDs we've tested, the SN500 is a clear winner. It doesn't come out ahead in every single test, but the overall performance profile is much more consistent ... on the tests with more realistic IO patterns, the gap between the SN500 and the top tier of drives isn't huge ... as usual there are some even faster drives for sale in basically the same price range, including the HP EX920 (Silicon Motion SM2262) and the Team MP34 (Phison E12 controller)"
Keep in mind this was testing the 250GB SKU, the 1TB SN550 with updated flash will perform better.