On Win 7 I'm getting this:
The procedure entry point MFCreateDXGIDeviceManager could not be located in the dynamic link library MFPlat.dll.
It seems to be Windows 8+ feature, so if it's only this, then it might still work on 8 as well.
https://learn.microsoft.com/en-us/windows/win32/api/mfapi/nf-mfapi-mfcreatedxgidevicemanager
Question is now how to fix this on Win 7.
edit: according to this is that function available on Win7, but in another dll https://stackoverflow.com/questions/26336450/solve-issue-unresolved-external-symbol-mfcreatedxgidevicemanagerv
MFCreateDXGIDeviceManager is in MshtmlMedia.dll on Windows 7, and in the MFPlat.dll on Windows 8 and higher.
edit2: I've tried to install Win8.1 ISO downloaded from MS website inside virtual machine and I can confirm there it works after fresh installation. I've been trying to use some of the dlls from 8.1 in application folder on Win7, but best I can do for now is get rid of all missing entry points if I also enable VxKex, but the application just exit and don't run.
edit3: After editing ZCB.exe, Zps.exe and ZVFS.exe for both 32 and 64bit in CFF Explorer and replacing MFCreateDXGIDeviceManager with MFStartup program seems to be working again fine on Win7.
edit4: Method of patching mentioned above will make some video preview features not working, but if you are using Zoner Photo Studio only for photos and don't need video features much, you should be fine with this method as temporary solution to use updated version on Win7, before there will be be better solution.