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Hi,
I believe there may be a step mismatch the way you configuring the target,
I have CCS 7.4 and 5.4,I am able to see C5500 compiler, please refer below my steps and screenshot.
1. file-> new->CCS Project
2. Under family, i see c5500 and select it and then go for varient to select the specific soc.
thanks,
mohammed