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I agree with you, exactly as you have explained it, he will be proud of getting the jersey number of a legend which I believe he knows the task ahead of him as someone putting on the jersey number but this will also motivate him to really perform like the legend who he's taking the jersey number or do more better than the legend him self we never can tell.
Bellingham is a good player and his coming to Real Madrid will expose him more for players who are at his his agel doing wonders also.
Yes, on the one hand he will feel very proud and also blessed. But on the other hand, he must also feel full of responsibility.
But in the end, his career is just starting at Real Madrid and he has to make the best of it no matter what. I also believe that if he can play skillfully and professionally, especially at the price paid by Real Madrid, he absolutely cannot disappoint his new club.