In my experience, all of the OFNA buggies are durable in the extreme. My Ultra LX Comp was well used when I got it, and I beat the snot out of that thing every time I run it. I'm also hammering it with an LRP ZR.32 engine. The only parts I've broken are a front knuckle, one front camber link and one front arm, and the arm wasn't actually broken, but the socket was worn and the pivot ball kept popping out. I switched them left to right, problem solved.
I haven't played with a Hyper 7 myself, but I believe Nitro Nerd can help you with specific weaknesses (if it even has any, which is doubtful).
Is there really anything out of box that I need to change/upgrade.
Again, never owned that specific model, but no, you really shouldn't need to do anything right away. If you were gonna race competitively, there would be a few things (better tires, faster servos, clutch & bell matched to your track, etc). But for bashing or just playing on the track, it'll be just fine in stock form. As with most RTRs, the stock servos aren't gonna be great and will probably be the first thing to fail, but they should last a decent while.
The transmitter will probably leave you wanting to upgrade, but it'll be functional. RTR transmitters just tend to be bare bones, regardless of brand.