The statement about sine above is not something mathematicians would write. It makes little sense to use big-O notation in this context, as it doesn't say anything useful here: the O(x^7) element absolutely dominates the remaining explicit elements of lower order, so including them tells us absolutely nothing. In fact, sin(x) = O(1).
However, mathematicians do indeed use similar notation in this context, that is, little-o notation. It is in fact true that
sin(x) = x -x^3/6 + x^5/120 + o(x^5), x -> 0.