If the file is in a folder like C:\Program Files\PCSX2 or a Comodo directory, it is likely a legitimate leftover from a software update.
Variable (Legitimate if from trusted software; high risk if found in unexpected directories) Update 7z binary and License.txt #39 - GitHub Update.7z
The file is a generic name for a compressed archive used by various software applications and systems to deliver updates, patches, or configuration files. Because it is a common name, its purpose and contents depend entirely on the software that created it. Overview of "Update.7z" If the file is in a folder like
Application binaries, DLLs, configuration data, or license files Overview of "Update
Security researchers at Check Point Research recently identified a malicious update.7z archive used in targeted attacks. This specific version contained a legitimate 7z.exe binary alongside a malicious DLL ( iscsiexe.dll ) used for post-compromise activities. File Identification & Safety
Legitimate update binaries inside the archive are often digitally signed by the software vendor.
Official scripts for Comodo Client - Security use a file named update.7z hosted on their servers to deliver binary updates to Windows systems.