Not only Wi-Fi 7, it is also required with Wi-Fi 6E.
I would not configure Transition mode, I always configure two SSIDs, "Guests" which is open and "Guests-Secure" with OWE. Guests-Secure is used in 6 GHz, while both are announced in 5 GHz.
Clients that are not OWE-compatible might try the OWE one and fail. But they typically directly try the legacy SSID which will work.
If you found this post helpful, please give it Kudos. If my answer solves your problem, please click Accept as Solution so others can benefit from it.