The operators of localized spins within a magnetic material commute at different sites of its lattice and anticommute on the same site, so they are neither fermionic nor bosonic operators. Thus, to construct diagrammatic many-body perturbation theory, requiring the Wick theorem, the spin operators are usually mapped to the bosonic ones-the most popular in magnonics and spintronics literature has been the Holstein-Primakoff (HP) transformation. However, the square root of operators in the HP transformation has to be expanded into an infinite series, which is then truncated to some low order to make calculations tractable. This poses a question on the range of validity of truncated HP transformation when describing nonequilibrium dynamics of localized spins interacting with conduction electron spins-a problem frequently encountered in numerous transport phenomena in spintronics. Here we apply exact diagonalization techniques to Hamiltonian of fermions (i.e., electrons) interacting with HP bosons vs. Hamiltonian of fermions interacting with the original localized spin operators in order to compare their many-body states and one-particle Green functions. For this purpose, we consider a one-dimensional quantum Heisenberg ferromagnetic metallic spin-S XXX chain of N ≤ 7 sites, where S = 1 or S = 5/2 and electrons can hop between the sites while interacting with localized spin via sd exchange interaction. For two different versions of the Hamiltonian for this model, we compare the structure of their ground states; time-evolution of excited states; spectral functions computed from the retarded Green function in equilibrium; and the lesser nonequilibrium Green function depending on two times. The Hamiltonian of fermions interacting with HP bosons gives incorrect ground state and electronic spectral function. Interestingly, magnonic spectral function can be substantially modified, by acquiring additional peaks due to quasibound states of electrons and localized spins, once the interaction between these subsystems is turned on. Tracking nonequilibrium dynamics of localized spins requires to use progressively larger number of terms in truncated HP transformation, but the number of required terms is reduced when the interaction with conduction electron spins is turned on. Finally, we show that very recently proposed [M. Vogl et al., Phys. Rev. Res. 2, 043243 (2020)] resummed HP transformation, where spin operators are expressed as polynomials in bosonic operators, resolves the trouble with truncated HP transformation where we derive quantum many-body (manifestly Hermitian) Hamiltonian consisting of finite and fixed number of boson-boson and electron-boson interacting terms.