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PHP 7.2 stopped even receiving critical security updates over 1 1/2 years ago so running any site on this version is 100% not advised. You would be much better contacting @Noodleman directly via his website and simply asking for a 7.4 encoded version of them and ensuring you stay on the latest supported version of PHP Ian

It should, however it hasen't been updated since 2017. Which only means that, since it is encoded with ionCube, the encoded files must have been built with a matching version of the encoder for the version of PHP it is running under. Even though the current encoded files are built for "PHP 5.6 and above", this does not mean they will work on any version of PHP7 - which your hosting provider has likely configured your hosted account to use. The publisher, @Noodleman, will need to build encoded files for PHP 7.