I never engage lens IS when shooting sports at high shutter speeds. It has more negative impacts than positive. If you don't let the IS engage and settle, you will have images that are impacted by the IS system settling in, and that isn't good when you want to whip the camera up to take instant action shots.
Also, IBIS is controlled via the lens IS switch. So no, you will not have IBIS if the IS on the lens is turned off. This is how the R5/R6 works, and I would be shocked if the R7 is any different.
From Canon manual
Image stabilization by the camera reduces camera shake in still photo shooting. Set [IS mode] to [On] as follows when using non-IS lenses. With IS-equipped lenses, camera shake is reduced using stabilization by both the camera and lens. When using IS lenses that do not have an IS switch, set [IS mode] to [On]. Note that the [IS mode] setting is not displayed when you are using IS lenses that have an IS switch. In that case, setting the lens IS switch to ON combines stabilization by the camera and lens.