Here’s how pruning works: it downloads the full blockchain but keeps only latest block-data upto to the size you specify( like the 550MiB you mentioned ), old block-data that goes beyond that size(550MiB if used) will be deleted leaving behind the latest block-data that fits with the size (550MiB) ..
The setup itself mainly gives you more disk-space(which will help your hardware).. other than that, everything stays the same as your node will download and verify the entire blockchain history…