Correct. 7zip is a LZMA compressor. The common equivalent command line tool on Linux is xz.
Linux distributions have been using xz compression for all packages (replacing gzip). So to the question of how relevant is xz/lzma/7zip performance to day to day task, is it's a lot relevant.
7zip is an implementation of LZMA, like xz. So, different names and file format details, but essentially the same algorithm.