cold in zone 7???? Leaf buds opening are normal and maybe a flower bud-it is
Aug and cold damage should not be of concern.

Hydrangeas don't begin blooming here until July or August, so I'd not consider that all out of the ordinary. And they continue blooming well into fall or until cold weather really sets in. It is not usually early cold or frosts that causes issues with flowering, etc., but late winter/early spring freezes. And as alluded to above, I'd not be overly concerned about winter cold in zone 7 anyway :-)