Yes the Canon G7X Mark III does shoot 4K video, but with a maximum frame rate of 30 fps.
It also has an external microphone input, can do 120fps in Full HD (1080p), and it can do vertical video!
These things all make it a perfect video camera for vlogging and social media content.
But the G7X Mark III does not shoot 4K at 60 fps.
If you want 4K at 60fps then you’re going to want a bigger budget because it’s rare to find 4K 60fps in entry level cameras.
The best alternative to the G7X Mark III if you do want 4K at 60 fps is the Canon EOS R10.
The Canon EOS R10 is probably one of the cheapest Canon cameras that has 4K at 60 fps (although it is cropped in).
The Canon EOS R10 is a much better camera all round and is particularly good because it has higher recording limits which make it good for video recording.
The Canon G7X Mark III has recording limits of 30 minutes (standard frame rates and not 4K), 10 minutes (4K) and 7.5 minutes (high frame rates).
The Canon EOS R10 has recording limits of 2 hours at standard frame rates and 30 minutes at high frame rates (the resolution doesn’t matter).