Yes. 1Password 7 handles standalone vaults. However, to use standalone vaults in 1Password 7, you have to purchase a standalone license for 1Password 7, in 1Password 7. That can no longer be done, as they have shut down the servers that provision those licenses. So even if you downloaded 1Password 7 to purchase that license, or are already using 1Password 7 with a subscription and want to move to standalone, you could not do that. They are pushing everyone to a subscription, regardless of situation.
So if you are already using 1Password 7 with a standalone vault and standalone license, you are in the sweet spot with being able to move from Intel to Apple Silicon. You can run 1Password 7 on any Silicon Mac and be good ad infinitum. I was in a bad spot because 1Password 6 was Intel only, so when Apple drops Intel support I would be screwed completely, as I'd have no viable upgrade path with a standalone vault.
BL.