Yes, G4 is dwell, with a L value ( if I remember, been a while) being seconds.
No chip break cycle. .007 is way to light of feed to break a chip with most inserts. Try above .01, more like .015 if your tool will handle it. Your RPM is way too slow as well for aluminum. Use G96 with about 1000SFM. Just make sure your G50 is set correctly for a SAFE RPM for your workholding/part.