The RAR format changed as of v5.0: Update your archiver.
(Not sure why people still use RAR when 7z is basically superior in every way.)
Not really. WinRAR offers much better usability than 7zip as an explorer, also I prefer RAR over 7z for some things because I can search inside RAR archives using Windows Search once the appropriate plugin (RAR iFilter) are installed. For archived or compressed documents, ebooks inside RAR files, it’s very useful. 7z archives, without any way to search inside them, are just solid blocks, not searchable unless extracted.
WinRAR also extracts and compresses faster and with much less memory requirements than 7z despite a high dictionary size. After a 7z long archiving operation (think game), if your PC is low on virtual memory, you often find a PC sluggish and it has paged out a lot to the pagefile (I had to reboot after attempting to archive "Diablo I" a ~500MB game / I have 16GBs of RAM too). After a WinRAR archiving operation, system is still always snappy afterwards. Lastly difference in compression ratios of RAR5 and 7z with LZMA2 are minimal, and RAR archives have options for recovery data that 7z lacks.
I bought a license like 10 some years ago, still works, why switch? For the record I use both WinRAR & 7-zip, they both have their benefits and work well together.