`pwsh` should open a PowerShell session. And, in fact, it works as expected with previous versions, e.g., https://pwshtool.blob.core.windows.net/tool/7.2.8/PowerShell.Linux.arm64.7.2.8.nupkg.

azureuser@my-arm-vm:~$ pwsh
PowerShell 7.2.9
Copyright (c) Microsoft Corporation.

https://aka.ms/powershell
Type 'help' to get help.

Process terminated. Could not load file or assembly 'Microsoft.ApplicationInsights, Version=2.21.0.429, Culture=neutral, PublicKeyToken=31bf3856ad364e35'. An attempt was made to load a program with an incorrect format.

   at System.Environment.FailFast(System.String, System.Exception)
   at Microsoft.PowerShell.UnmanagedPSEntry.Start(System.String[], Int32)
   at Microsoft.PowerShell.ManagedPSEntry.Main(System.String[])
System.BadImageFormatException: Could not load file or assembly 'Microsoft.ApplicationInsights, Version=2.21.0.429, Culture=neutral, PublicKeyToken=31bf3856ad364e35'. An attempt was made to load a program with an incorrect format.

File name: 'Microsoft.ApplicationInsights, Version=2.21.0.429, Culture=neutral, PublicKeyToken=31bf3856ad364e35'
   at Microsoft.PowerShell.Telemetry.ApplicationInsightsTelemetry.SendPSCoreStartupTelemetry(String mode)
   at Microsoft.PowerShell.ConsoleHost.Start(String bannerText, String helpText)
   at Microsoft.PowerShell.UnmanagedPSEntry.Start(String[] args, Int32 argc)Aborted (core dumped)

N/A