Is it true that 1 hour is 7 years in space?

Excuse me, I've come across a rather intriguing claim that suggests the passage of time in space is significantly different from that on Earth. Specifically, it states that 1 hour in space equates to 7 years on our planet. Could you please elaborate on the veracity of this statement? Is there any scientific basis to support such a drastic discrepancy in the Flow of time between these two environments? I'm genuinely curious to understand the physics behind this phenomenon, if it indeed exists.