Yes, the C5 has a rev limiter. Unless the PCM programming has been modified, it will cut fuel and the engine will stutter at 6200 rpm. (6500 on the Z06)
You noted "just over 5500", but when doing a burnout, the engine is spinning relatively unloaded (as compared to doing the work of accelerating the car) and it's very easy to fluctuate the engine speed that much in a split second. Also consider the fact the tachometer in these cars has significant lag. You might have seen 5500 indicated when revving, but the engine was actually spinning faster than that.
From the description I think you simply hit the rev limit. It's not a big deal, causes no codes, just a protection mechanism doing it's job. If you had it breaking up while accelerating in a high gear where the engine is heavily loaded and climbing in RPMs slowly....Then my answer would be different. An actual misfire event will usually throw a code.
