Both are good with the edge given to 6061. Both can be welded in the T6 condition, T6 being the stage of hardening.
6061 is used in boutique cycles, where 7005 is used mostly in production frames. 6061-t6 is easily formable, machinable, and weldable, but must be heat treated after the weld process because it has a very short annealing time. 7005-T6 has such a long anneal time that a weld can be introduced and cooled without a huge loss in Temper.
Both 6061 and 7005 are welded with high strength filler rod, such as 5356 or 5183. The weld nugget, under rapid cooling of the weld zone, if done correctly and to spec, will reharden.
7005 is an Easton formula, and is most exclusively lisenced to the big asian factories. The small boutique shops use 6061, but must heat treat after weld, so the manufacture is more expensive.