I want the space between the edge of the page to the text (not the header/footer text) to be 0.7 inches. Will the header/footer be printed inside the margin?
No, this is one of the differences between LO and M$ Office.
If you need a very precise distance between the edge of the paper and the text body, you must carefully set your top margin and the spacing between the header and text in Format → Page (or dedicated style), tabs Page and Header.
The height of the header can be tuned with paragraph style Header, tab Indent & Spacing. You access to this style with F11 or Format → Styles and Formatting, then right-click on Header name and choose Modify....
To summarize, your text will positionned at (top margin) + (Header height) + (spacing between header and text).
See also the answer to this question.
If this answers your question, tick the check mark at left for community benefit. If you think it has some value, upvote it, karma permitting.