Does the LDS church really feel that God created the earth in 7000 years?
No, this is not part of LDS Church doctrine. From LDS.org:
Latter-day Saints have additional information that allows a third view—that each “day” of the Creation was of unspecified duration and that the Creation of the earth took place during an unknown length of time. Abraham stresses that day is synonymous with time. For example, Abraham 4:8 summarizes the second creative period by stating that “this was the second time that they called night and day.” This usage is consistent with ancient Hebrew. The Hebrew word YOM, often translated day, can also mean “time” or “period.” In other words, the term translated day in Genesis could be appropriately read as “period.”
Also, the term day is used in scripture to indicate a period of time in which the labor of God is to be performed. Day in this sense is usually contrasted with night or darkness, wherein labor is ceased. For example, the Savior said, “I must work the works of him that sent me, while it is day: the night cometh, when no man can work” (John 9:4; see also John 11:9–10). The Book of Mormon also contains this ancient usage. In Alma 34:32–33, Amulek warns: “The day of this life is the day for men to perform their labors.