Work = (force) x (distance)
Each time she lifts the weight, she does: (550 N) x (0.5 m) = 275 joules of work against gravity.
Each time she lets the bar down gently, gravity does: (550 N) x (0.5 m) = 275 joules of work against her muscles.
The bodybuilder would do exactly zero work in the process of 1-up followed by 1-down.