The RE7 profile always worked out of the box with default settings, even before the latest update, by using ImageZoom to account for a bit of missing FOV. The advantage of using the FOV mod is that you can set ImageZoom to 1.0 to remove the slight top/bottom bars that are visible with the default vorpX profile settings.
I would only recommend to try that if you really know what you are doing though and are heavily bothered by the not fully utilized vertical FOV. The default settings without the mod work well apart from that.