Get yourself a decent file extractor that supports 7z. Just install it, drag and drop your archive, and boom - done. Most of them work just like 7-Zip on Windows, so no rocket science involved. If you’re feeling a little techy, you can actually open 7z files straight from the Terminal. macOS has a command-line tool (once you install the right package) that lets you extract and even create 7z archives. A bit more effort, but super handy once you get the hang of it. One more option is Finder-based solution. Some apps integrate nicely with Finder, so you can just right-click and extract without even opening another window. If you often face such a need, this way will be the most effective.
I ended up going with the Terminal route because, well… I like having full control over what’s happening under the hood. Once you set it up, it’s actually pretty smooth - just a couple of commands and you’re good to go. Plus, no extra apps cluttering up my Mac.