Yes, the Panasonic LUMIX GH7 is compatible with the SanDisk Extreme microSDXC UHS-I 128GB.
This is a microSD card -- it needs its bundled microSD-to-SD adapter to physically fit Panasonic LUMIX GH7's SD slot (Slot 2) at all. Even adapted, SanDisk Extreme microSDXC UHS-I 128GB is V30 class. Clears: Motion pictures (72 Mbps, requires V10); Motion pictures (200 Mbps, requires U3). Does not meet the floor for: Motion pictures (400 Mbps, requires V60); Motion pictures (600 Mbps, requires V90). No setting or firmware update changes a card's rated speed class. Also, above 600Mbps -- including variable frame rate with ALL-Intra and internal ProRes/ProRes RAW recording -- Panasonic's own spec states these require a CFexpress card; no SD card of any class can record them.
Limitation
Cannot record above 600Mbps on the SD slot (variable frame rate ALL-Intra, ProRes/ProRes RAW) regardless of card class -- CFexpress only. On top of that, this card's own class falls short of one or more of the lower Long-GOP tiers -- see the clause above for exactly which. Requires the bundled microSD-to-SD adapter to fit the SD slot at all.
“The SD memory card cannot record videos with bitrates exceeding 600Mbps. Use a CFexpress card or External SSD to record videos with bitrates above 600Mbps. Also, use a video speed class 90 (V90) SD Memory card to record videos with bitrates 600Mbps.”
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