Yes. Mi Band 7 is fully supported in Mi Band Tools since version 7.0.0! This includes some amazing features, for example:
Watch Faces Management (browse and directly install community driven watch faces or your own files by single press of a button)
Notifications with Android Icons (we'll automatically upload icons of your Android applications together with a text notifications, so you always see the true icon from Android device on your Mi Band 7)
Automatic Authorization Key Retrieval (you don't have to do anything complicated like you have to with other applications, it's all automatic for better notifications stability)
Full Notification Synchronization (bi-directional synchronization of received notifications: clearing notification from the watch removes it from your mobile device and vice versa)
Display Text Support (see caller contact names, numbers & full multi-line contents of notifications on your Mi Band 7)
Text Parameters, Filters & Extractions (you can easily extract e.g. SMS verification codes)
Music Button Control Profiles (create your own virtual menu to perform any number of your custom actions: control music, volume, phone vibrations & more)
Sleep as Android Integration (full sensor integration with Sleep as Android application brings you industry's best sleep tracking features available on Android platform - this includes wake up in light sleep phase, anti-snoring and lucid dreaming vibes on your bracelet and so on)
Dual Text Support (Mi Band 7 has two lines for displaying textual notifications: header and body, you can now configure parameters for these individually)
Custom Vibrations (added support for initial vibrations and custom vibrations for your notifications, therefore you are notified just before the text arrives)
Automatic Language (even if you are using Chinese version of the bracelet, Mi Band Tools will take care of everything to provide you watch interface in English language)
Event Plugins for Battery & Heart Rate (use Tasker, Automagic or similar and get notified whenever charing state changes or heart rate is measured)
Action Plugins (it is very simple to change heart rate mode, vibration mode and so on from Tasker, Automagic or similar)
Button Dismiss (any repeating patterns, including those for incoming calls and alarms, can now be stopped by tapping the Mi Band 7 button)
Button Snooze, Power Nap Snooze (snooze all phone triggered alarms by tapping the Mi Band 7 button, the snooze interval is configurable per alarm)
Custom Patterns (powerful feature for advanced or curious users that allows you to use commands to customize notifications or to send commands into the bracelet)
Initial Vibration feature (you can get a vibration before any icons are displayed, so you have time to look at the bracelet)
Smart User Interface (for your convenience, the icon that is visible on the bracelet after the vibration ends, is displayed just next to your configured notification)
Smart Alarms (fully functional support for smart alarms that were removed by Xiaomi from the bracelet firmware)
Zepp Life / Mi Fit Authentication (connection stability improvement that simulates Zepp Life / Mi Fit authentication mechanism)