I'm considering purchase of ER7206, but I do not know if it supports failover between two IPsec tunnels with different peer IPs on a single WAN.

When experimenting with ER605 v2 I confirmed the router does not support this feature. It is possible to create a failover using different WAN ports, but not just one of them. On the other hand there are plans to add such a feature in the future. The R&D team initial plan is to add it in late 2026, but the final delivery plan could be delayed to 2027.

Here is the thing. Is the development of single WAN failover feature restricted just to ER605? Or, perhaps the plan is related to all devices in active development? This could mean the ER7206 is also missing the single WAN failover, and such a feature is just in the planning phase.