Between 1.1.16 and 1.2.7 there are a few more intermediate versions of Obsidian. When exactly did Electron upgrade was introduced here? For example, if it’s 1.2.7, then it is more appropriate to roll back to 1.2.6, thereby getting a version with more fixes and improvements than 1.1.16 contains.
As for your logic “Microsoft does not support Win 7/8, neither do we”, it is deeply flawed. A good hammer still hammers years after its manufacturer has ceased to exist, it does not need support. Take a look around, there’s a myriad of useful apps that do not attribute their working efficiency to the desire of the hegemons of Silicon Valley like Microsoft to capitalize on forcing OS updates: Autohotkey, Foobar2000, Everything, IrfanView, KeePass, MPC-HC (MPV, PotPlayer, VLC), Sandboxie, ShareX, Sublime Text, SumatraPDF, Telegram, Tor, Utorrent (qBittorent, Tixati), Zim, etc. Whereas Obsidian, having fallen into a blind and vicious dependence on Electron’s pathological fascination with ‘progress’, has become a vassal who has lost sovereignty over what range of users can use it to solve simple tasks such as saving, sorting, and synthesizing thoughts. Users from all over the world, with well-established hardware and habits, and without the itch to replace processors now and then and to lose peace over some uncommon vulnerabilities discovered after EOL (because the common ones have already been patched). With one ill-conceived decision to upgrade Electron silently, you deprived not ten, not a hundred, not even a thousand users of the ability to manage their knowledge bases, without offering a single revolutionary feature that really needs that upgrade.