The whole point of an .exe file is to include the Flash "Projector' file that plays it. (So Flash doesn't even need to be installed).
If this "Projector file" is not being included with the .exe to make it standalone, then it is a mistake and misses the whole point of an .exe file.
.swf on the otherhand replies on the Flash version installed. Be it Flash standalone or browser plug-in.
TW7 relies on Flash 11 being installed. It is important to keep Flash up to date for security reason and player performance.