These are packages that allow you to test different versions of the Edge browser without having to install them normally.
These packages are also suitable for making portable versions. These packages do not include an automatic updater.
After downloading, rename the packages, use the correct file name and use them as an installer or unzip (twice) using 7z, WinRAR or with whatever another archive opener capable of opening .7z files/packages.

If you want to set the User Data location to a location other than the default location, use the following commandline argument, as in the following example.
Example:
"C:\Portable Files\Microsoft\Edge Beta\Chrome-bin\msedge.exe" --user-data-dir="../User Data"