Version 1.7 is deprecated. It is unmaintained. It is unsupported. You are free to use it, but discouraged to do so for the named reasons. It does not support 256-bit encryption.
As for the the multiple password requirement – you should not be using that either, especially if you are keen on real security which seems to be the case.
Please read my blog post about this, here: https://www.axcrypt.net/blog/use-of-different-passwords/ . The gist of the article is that using different passwords for private files “at best it adds no security and at worst it causes a situation with *less* security“.