Yes, I believe so, though I've never found it necessary; this allows you to output signal to both an external recorder and a director monitor.
Just to be safe, in case you got to set and it wasn't working, pick up a Blackmagic SDI-to-HDMI micro converter for $60. It has an SDI loop out as well as the HDMI output, effectively acting as a splitter.
It depends on what resolution your shooting. Any 1920x1080 or 720 settings, yes on all outputs. UHD or 4K DCI no. In 4K UHD and 4k DCI formats on the Sony FS7 and FS7 ii the SDI ports become inactive when using those resolutions. The only way you can output UHD, DCI 4K or 4K RAW with SDI on either FS7 models is by adding the Sony XDCA-FS7 adapter. $1998 New at B&H.