Hi Vic,
Most settings should be compatible, so you can rename an existing FSUIPC4/5/6.ini to FSUIPC7.ini to preserve your settings. However, this does not mean that everything will work, as many of the events/controls currently have no affect (and there is still not that much documentation on what is and isn't working in this area), and some offset functionality has been removed. For example, if you have a hat switch to control view panning and/or slewing, this will not work and would have to be assigned in MSFS. Also, masking of keys/events isn't working, so if you have these assigned in FSUIPC7 then you will need to ensure that these are not also assigned in MSFS.
As for profiles, they should also work in the same way. You may need to re-assign your profiles to the MSFS aircraft though, if the strings/substrings you use don't match the MSFS aircraft names.
John