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Hi, thank you for contacting JustAnswer.com. My name is***** will do my best to provide the right answer to your question.I think that what you are looking for, or asking about, is a factory reset of the iPhone 4 - is that correct? that you would want to basically wipe everything off the iPhone 4 - ?
No: if the iPhone 4 is wiped, your iPhone 7 won't be. A lot of that information comes from 'online' or on a server 'out there' - for both phones. They are both similarly linked, but not linked to each other, you see.
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