I recently got the Velvet 5g and still have the g7 one.  The g7 one by far is still the superior phone. It's still receiving security updates ( g7 one on December smr while Velvet is on October).

And being an AOSP version it doesn't have all the bloatware.

G7 One has SD835 vs 845

32 GB RAM vs. 64

Lacks the wide angle camera.

Otherwise, screen & other hardware is the same. It should continue to get monthly security updates through most of 2021.

https://m.gsmarena.com/compare.php3?idPhone1=9115&idPhone2=9304

Aside from the software? Is the hardware the same, size and dimension? Planning to buy a used G7 One as a backup phone.

LG G7 vs LG G7 One