If an employer files a PERM case less than 365 days before the 6th yr H1B expires and once the labor is approved,  the I-140 was premium processed, does the beneficiary still need to recapture time in order to be eligible for an H1B 7th year extension?

Until the I-140 is approved, there is no basis to extend the H-1B. Reclamation of time may be the only option available.