I would assume that your assessment is correct--Office 2007 doesn't get more updates but is still usable, and I don't think Microsoft DRMs their software in such a way that they could kill the product outright anyway. Whether you want to keep using Office 2007 or not is another question--with no more updates also comes the lack of security updates, so while not "dangerous" in of itself, using an unsupported product means foregoing security patches in response to more recent attack vectors.
As of April 11th, 2017, Microsoft Office 2007 is no longer available. Along with Windows Vista end of support. Now it's time to upgrade to Office 365, a faster way to get things done! To get Office 365, click here to upgrade.