Resolution:
The reason for not seeing the EMS Server version change after applying "7.0.1 HF-005" is because this hotfix only affects/alters the Java client JAR (tibjms.jar). After applying 7.0.1 HF-005, you will see the EMS Java client version change to "7.0.1 V7" The EMS Server version will be unchanged after the upgrade.

Before applying the Hotfix:

 

tcp://localhost:7222> show connections full
L  Version   ID  FSXT  S  Host          IP address User      ClientID Sess Prod Cons TmpT TmpQ Uncomm UncommSize     Uptime
=>J  7.0.1 V4  5   ---Q  +  pbramank-T510 [::1]      anonymous             1    0    1    0    0      0     0.0 Kb      5.205
tcp://localhost:7222>

After applying 7.0.1 HF-005:

tcp://localhost:7222> show connections full
L  Version   ID  FSXT  S  Host          IP address User      ClientID Sess Prod Cons TmpT TmpQ Uncomm UncommSize     Uptime
=>J  7.0.1 V7  4   ---Q  +  pbramank-T510 [::1]      anonymous             1    0    1    0    0      0     0.0 Kb      5.726

EMS Server version unchanged after applying EMS to 7.0.1 HF-005 .

TIB_ems_7.0.1_HF-005_readme