I have driven 550 enough times that it doesn't phase me at all, never really did so my view may be jaded a bit compared to others. Yes there are some pulls over it for sure Coal Bank, Molas and Red Mountain passes. Yes there are some twisty curveys on it. Yes there are some areas where there are no guardrails and it is a long way down. However that road is not a seasonal road it is open year round for the most part, an occasional big snowstorm may close it for a day or two while they clear snow. Those guardrails aren't there so that they have a place to push the snow off the road in the winter. Nothing I personally consider any worse than many other mountain passes. Yes you have to pay attention to the road and your driving but you should be anyway.
As has been mentioned multiple times already there are quite a few pullouts and places to stop. Take your time Durango to Ouray is about 70 miles. The picture above while accurate for sure is not representative of the road in general. There is only a mile two at the most like that just south of Ouray and in that section there is no place to pull over except at one end or the other.
It is one of the more beautiful routes in the state without question. However going around it over to Cortez and up 145 to 62 I think is also a very beautiful drive. In fact sometimes I will go up one way and come back the other if I have the time as it will definitely add time.
It certainly comes down to your personal comfort level and I for one while in this post am pretty much saying it is not that big of a deal would prefer less people take it might free up some camping spaces over there that are hard enough to come by as it is these days. Perhaps I should be saying how terrible it is and avoid it all costs instead.