It doesn’t really wear out the tools or stress the machine any more than 6061. It is a harder and denser material but not enough to affect machining.
7075 IS much more expensive to purchase though. And as Geezer said, it is more difficult to anodize. There are trade-offs for both materials. Our experiment with the GZR line was to take a model that was made in 6061 and make it exactly the same in 7075 and compare the difference. Our conclusion from this experiment was that design has a much bigger impact on play than the difference between 6061 and 7075 although the difference in material matters as well.