Yes, you also unlock your first hero, the Barbarian king who is the weakest among the three.
TH7 is the first time you unlock dark elixir, the fuel for your heroes. Its hard not to shell out and buy these packs so think about how the last few day’s of play have been, if you like the game and would play long term, feel free to spend and really boost your progress. If it is already nearly end of the month (>16th) then I don’t recommend buying it for now, but if it is early then buy it if you wish. I still think the builder packs you start out with in TH2 is more worth it than the season pass, because those are long term upgrades while the season pass lasts only a month. Think long and hard whether you want to spend the money on this game.
With just $5/month, you can earn $200-300 worth of value per month. Now that you’ve reached TH7, you unlock one of the greatest things in this game, which is the season challenge.