It appears windows security still flags the new file as Trojan:Script/Wacatac.B!ml for some reason.
It lists the webfile https://itchio-mirror.cb031a832f44726753d6267436f3b414.r2.cloudflarestorage.com/... as an affected item.
If I try allowing it before windows security wipes the file, it gets flagged and removed anyway, but adds the .exe to the list of affected items.
I don't use 7zip so I can't comment on it, I'm unsure if it's the cause. Though I use Winrar over 7zip precisely because of similar weird complications.