Nope. Not so. If you're a proper person and got your new license with a current address... you're green light. There's no 7-10 (or any other time frame) wait. The only wait at that point is if you get delayed by the feds.
I walked into the BMV with my Ohio DL, and walked out with a paper Indiana temporary DL. My official, plastic Indiana DL arrived via mail, 7-10 business days later. So yes: in my case, it was quite so (unfortunately).
The worst part was, I was flying out-of-state for work at the time. So I flew out of IND on the paper DL (TSA at IND didn't even bat an eye at it), but flying home, I got the full-on, secondary inspection/get-felt-up treatment from TSA at STL. But that's a story for another day.
I waited until I had my official DL before attempting to purchase any firearms in Indiana. Next time I'm in Plainfield Shooting Supply, I'll have to ask Bob how he handles the paper DL in lieu of a permanent DL.