Hi Niteesh,
I am unable to reproduce your issue in my v7 while working with the latest version of Edge v95. I attempted both "a browser is already running" and "a browser that is launched from an executable file" option using Application Modeller. I plugged in full path to msedge.exe executable in the "Path" parameter of a Navigate stage, and the URL to the website to the "CommandLineParams" parameter of the same Navigate stage.
I would ask you to either share more details of your particular implementation, or if you have access to Blue Prism support, raise a ticket to have someone to assist you.
Also to note that from v7 you do not get the browser settings in Systems as in late v6 anymore, since the communications between browser and Blue Prism extension has been replaced by "Native Messaging Host" which does not require any specific port to work. This should be the same with any v7, no matter if it is an Enterprise Edition or Community Edition.