I'm going to have to disagree with you completely here. They are no longer posting updates of Java SE 7, which means that any security issues that are found in Java 7 will not have security updates posted publicly. That means that for all intents and purposes, for almost everyone using it, Java 7 no longer supported.
From your own post: "Developers and end-users are encouraged to update to more recent Java SE versions that remain available for public download in order to continue receiving public updates and security enhancements."
In other words, if you want to have your Java runtime environment supported with security updates, you need to upgrade it to Java 8. Anyone running Java 7 that does not have a separate, paid, extended support contract with Oracle, is now running an unsupported version of Java that will no longer receive security updates.