Is it possible to create such annotation automatically
The tolerance value are compliant to h7 standard fit
Automatically not, you can do it via PMI in 3D and get the dimensions to draft.
Don't know if it updates after a tolerance change.But I don't know another options to make this an automatic tolerance.
I was aware of h7 annotation standard in Solid Edge, but I was thinking whether it can be combined with %HC (Hole callout)
To annotate holes, we will usually call the dimension with the "hole callout" function in dimension type...but I won't be able to add h7 compliant tolerance inside my hole callout..