Q. Is Royal Enfield Bullet 350 ok for rider of height 5 feet 5 inches?

If electra, initially there will be a little height problem for you.Thes best is-you should check it with different models(try it on new models because used/test drive vehicle's seat foam height will be lower than new one)

Take a test ride and then decide because safety is first priority and if you are comfortable and can handle the bike than go for it or you can try the Java bikes. Java bike are perfect for your height

No brother but classic 350 or 500 is quite ok.