Data is still stored locally and can also be synced with RoboForm Online. The new default path in is C:\Users\<USERNAME>\AppData\Roaming\RoboForm\Profiles\<RoboForm Online account name> or <RoboForm Profile name from RF7>
You can modify this folder by Selecting the RoboForm Icon>> Options>> Data & Sync>> Select Data Folder.
*Please note this option will allow you to select a custom directory location for RoboForm data. This may have an effect on the synchronization speed and accessibility.