You do not have to update DSM. You have options.
Option 1: Update the NAS to DSM 7.2.2. You can then use Package Center like normal to install/update/etc. Plex Media Server.
Option 2: Remain on DSM 7.1.1 Update 7 and wait on the tools Chuck is creating. See his post three above your last post. It will be much easier than using the command line,
Option 3: Remain on DSM 7.1.1 Update 7 and use a combination of Package Center and the command line.
Use Package Center to install Plex Media Server. This includes installing PMS updates on top of the current version (like normal).
Use synopkg to start, stop, and uninstall Plex Media Server.
In addition to start and stop, synopkg has an uninstall option. Enter the synopkg command without any options to see the entire list ($ synopkg).
I ran a quick test on my DS414 running DSM 7.1.1 Update 7 (quick = I ran it twice and nothing broke).
I uninstalled PMS using synopkg. It removed Plex Media Server. It did not remove anything from the PlexMediaServer shared folder.
I then installed 1.41.2.9200 using Package Center. PMS installed and ran as expected.
I then installed 1.41.3.9276 (current beta) on top of 1.41.2.9200 using Package Center. PMS installed and ran as expected.
So… if you wish to remain on DSM 7.1.1 Update 7, you can still run Plex Media Server. Use Synology Package Center to install Plex. Use the synopkg command to start and stop. If you need to uninstall Plex, you can use the synopkg command to do so.
Note: If you use synopkg to uninstall Plex, I suggest you make a backup of the PlexMediaServer shared folder first. You can use Hyper Backup. As mentioned, I performed the uninstall twice, but that is a very small sample size. Having a backup is a good practice anyway.