So far it's worked for my S7 with only one issue - I can't livestream facebook, but I never used the feature before so I don't know if it's a Nougat issue. I've got a currently open support ticket and we'll see where it goes.
Android 7 is supported, but not 100% last time I checked. I know some people are using it without issue, but I have heard of a few random problems. It will depending on if you really need to upgrade or not (i.e. for non-VR features). Maybe only update one phone and see how you like it.