Hopefully my video helps to demonstrate that the S7 steel holds up just fine. Per the graph i posted above, you may note that S7 has a lot more Chromium (Cr) than 1095, but that level is not sufficient to render the steel "stainless". It will not resist corrosion the way CPM-3V does, and Guy at S!K has posted videos pertaining to that. So yes, it will rust. The best defense is a coated blade and polished finish on the edge, but keeping it oiled and out of damp places would help

The S!K website lists the hardness of the steel at 57-58 Rc which is
harder than ESEE's 1095, and Charpy tests indicate it to be
50% tougher than CPM-3v, full
3-4X tougher than 1095, so you can expect the edge to resist both deformation and chipping better than your 1095 knives with similar geometry.
With such low carbon and alloying elements, don't expect high wear resistance like 20CV, this is something more akin to A2 tool steel but with less carbon to increase toughness. For hard outdoor use and recreation (sharpened prybar), it's a durable and effective tool