No. The PHP version probably is not the issue.
Please try increasing your server PHP setting “max_execution_time”. Normally the default value is
30, try increasing to
That’s needed because the import file comes with a lot of images and pages that need to be downloaded, then this can take some minutes to complete.
Once you have the import done, go to Settings > Reading > Your homepage displays, select A static page and define the respective Front page and Blog page in the dropdowns.
If the import fail at some point, you can do the import again, so the process will continue from where it has stopped (at really will just skip the files/pages that already being imported).
We hope this helps and clarify!
Please try that and let us know if you need further assistance.