But i see its support 7 ips
That tells you speed alone (it's actually 7.5 ips). Leaving out low-cost speech-recording decks, almost all the well-known consumer decks from the main manufacturers support 7.5 ips. Commonly a consumer deck has two, or in some cases three, selectable speeds, in any of the following combinations (ips):
3.75, 7.5
7.5, 15
3.75, 7.5, 15
For good hifi recording, many people will say you need 7.5 ips as the minimum. That can be 2-track or 4-track, although 2-track is generally said to give better quality than 4-track.
I don't know if your question relates to a deck you own, or one you are considering for purchase, but as the TEAC 3300 takes 10.5" reels, it can make 2-track recordings of decent length (I assume 7.5 and 15 ips are its speeds) and great quality, as long as the heads are good and the machine is calibrated. Unlike with many other TEAC models, you wouldn't be able to play 4-track stereo prerecorded albums, if that's your interest. But nearly all tape decks lack the capability to play certain types of externally sourced tape recordings. It's all going to depend on how your available speeds and head configuration match up with those used by whoever recorded the tape.
There are some decks that cover a lot of options. The Technics RS1500 allows two-track recording only, plus playback of course, at any of 3.75, 7.5, and 15 ips. Usually people recommend not to record on this deck at 3.75 (waste of two-track capability), but hey, it doubles or quadruples recording time - or if you prefer, halves or quarters tape cost. This Technics also allows playback (but not recording) of 4-track stereo tapes. Quite handy. However, the Technics decks are pretty expensive to buy these days, and someone who wants to cover all options might more cheaply be able to do it with two separate tape decks, as long as they have the space for them both.