Those blooms look like they are from this year. The plant looks large and well developed. It would be a toss for me. I sometimes prune the blooms on year 1 if I want it to concentrate on growing a good root system, if the plant looks young, if the blooms are adding too much weight or the plant is unusually thirsty but the shrub looks ok on this one picture. If you have not had issues, you may be able to keep them. I would expect reblooms about 1 month or later once these blooms turn brown and you deadhead them. Sounds like a good buy to me!!!

i picked up a Quickfire on clearance that was half the size of this at Lowes 2 years ago, it is now approaching 6 wide tall and wide. Well worth the $5.

Awesome $5 buy!

That looks like a one-gallon pot plant. I'd recommend either moving it into a 3-5 gallon pot or a hole in the ground that size. Enjoy the blooms for a month or so and then cut those particular stems back to just above the set of leaf nodes that are closest to ~12-18" above soil level. If permanently keeping in a pot, it should be stored somewhere where the roots won't freeze. If planted, toss a small pile of leaves over it in November and remove them in April.

Hydrangea leaves can exhibit a lot of defects and damage from various pests and conditions, but can be mostly left alone. If too poor, they'll usually fall off on their own.

Would it be best if I go ahead and put this in the ground as is? It will have sunlight until about 230 daily then be shaded. Will it work in a spot like that?

It looks mature enough to go in the ground. Over here, getting sun in the summer thru 2:30pm would be a 'no' as the leaves get scorched in the summer when a hydrangea of mine received sun thru 12:30pm-1pm but, your sun up north is not as strong as it is here.

So do what we all do: plant it and monitor it thru the hottest summer months. Then transplant it if you notice that the leaves are getting scorched (they turn yellow or white-ish throughout, including the leaf veins). The leaves may droop and wilt during the worst of the summer but that is normal until it gets established (takes a few years).