No*, the licence for 7 will be replaced by a licence for 10. But within 30 days one can decide to go back to the former version, before the old system files will be deleted. So both licences should be valid, as long as just one is in use. There are still Windows 7 OEM licences available on the cheap. So instead of buying an expensive Windows 10 licence, the upgrade will be more economical. That's if
the OS has to be Windows.
But in my opinion 7 is still the best, because 10 is a bit of a nightmare regarding privacy. Although I prefer some other kind of OS privately.
* EDIT: That "No" refers to Mad-Monkey's question.