Most probably not yet, as there currently seems to be no /e/OS S stable build yet for the 7T, and the Easy Installer only installs stable builds.
In general the Easy Installer will execute the respective manual install instructions in a guided, more user-friendly way as compared to users executing the necessary commands themselves in a command line.
The manual install instructions for the 7T contain steps such as “Unlocking the bootloader” (forcing a factory reset for security reasons = deleting your data, Apps and settings) as well as “Format the device” (deleting your data, Apps and settings).
So, you should expect the Easy Installer to do this for you along the way.
Not announced so far for the 7T, you can follow proceedings here, see “OS OTA upgrades” … https://community.e.foundation/tag/development-updates.
And it would require you to be on the stable release channel (how to check).