Yes. It works fine and defaults to 640x480. This is an unmodified Color Classic motherboard (LB) in an unmodified 550 (analog board + display). Extra VRAM is not installed, hence 16 colors.
That's pretty cool. Based on the picture, I thought it was a 7300/7600 card. It should just pop in and work. Upon reading, I understood it was more interesting and it needs software to kick in.