[UPDATE:-] USE TIME MACHINE ONLY!
Having just updated macOS from 12.6 to 12.6.1, I find the procedure described below no longer works with Logic 10.7.5. Now it appears the only way to roll back to Logic 10.7.4 is via Time Machine. But the benefit is that Time Machine can restore Logic 10.7.4 alongside 10.7.5. (N.B. I've renamed each version of Logic as Logic 10.7.4 and Logic 10.7.5 in the Apps Folder before backing up to Time Machine; I don't know if Time machine will restore 10.7.4 alongside 10.7.5 if renaming is not done first).
Logic Pro 10.7.5 does not play nicely with VEPro - don't bother.
If you want to use Logic 10.7.5 for other purposes, you'll probably also want the option of rolling back to Logic 10.7.4. So make sure you backup Logic 10.7.4 to Time Machine before installing Logic 10.7.5
DISREGARD THE FOLLOWING IF USING macOS 12.6.1 OR LATER
[Original post:]
Unfortunately, no doubt as many Logic users already know, Apple's Logic installer no longer offers the option of keeping your current Logic version alongside the new installation. Also, the previous trick of simply renaming your current Logic app file won't prevent it from being consumed for update by the new installation.
Other than using Time Machine backups to roll back, there is a way to prevent Apple's current Logic installer from leaving you without your previous version of Logic.
1. We have to offer the Logic installer a 'sacrificial' older Logic or it won't install. (App Store seems to download the whole app rather than an appropriate update if it finds no valid Logic in your machine - perhaps assuming it's a first time purchase - but then refuses to install).
2. Before going anywhere near the App Store, duplicate your current Logic using the Finder's context command. (Don't use Option-click and drag to do this; it will create only an alias but we need the real thing.)
3. Move your duplicated Logic to another folder, away from the Apps folder, then Lock this copy (using the option box in the File Info window which pops up when you click "Get Info" in the Finder's context menu for the Logic app file).
4. Now you're ready to install Logic 10.7.5 from the App Store. When it's done, the 'sacrificial' Logic version you left behind in the Apps folder will no longer exist.
5. At this stage you can make another duplicate of the older Logic version that you hid away and locked; unlock it and move it back into the Apps folder.
6. Now you can select which version of Logic you wish to launch at any time.