I had the idea of giving my dream ARPG 3D visuals, but I am not sure if it would work with this plugin? Is it compatible by any chance?

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7 mode is like a 3D plugin like MZ3D, so you'd need to get 7 mode plugin if you want your project to become 3D.
https://forums.rpgmakerweb.com/index.php?threads/ultra-mode-7-rmmv-rmmz.94100/