In reality there is no clear division between "public" and "private". If a device has a public /29 routed to it, it can simply route it further to any other gateway address it wants – there is no need for NAT because it doesn't matter at all whether that gateway has a public address for itself or a private one. For example, the upstream gateway may simply have a "46.xx.xx.xx/29 via 192.168.55.y" route that directs the entire /29 to your Proxmox host.
Similarly, the same interface of a router (or a VM host) may belong to two subnets at once, with any mix of "public" or "private" addresses. Again, the layout you describe isn't very clear, but it could be that vmbr0 has addresses from both 192.168.55.0/24 and 46.xx.xx.xx/29 if it needs to. (Keep in mind that 'ifconfig' will not show secondary IPv4 addresses – nobody has updated it to do so in 20 years.)