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> It can remain on version 7.10, but then it will no longer receive future updates

Does this mean anyone using version 7.10 or lower is not bound by SSPL license and Apache2 still applies?

I think this is true in general. Any code that is made available an open source license is available under that license in perpetuity.

Yes. Any version released under a given license remains under that license, it cannot be retroactively changed.