So I just went through this trying to resolve an issue & I found an answer for you (or more likely anyone looking in the future). A real one.
The images live in /var/lib/vz/images/<IMAGE NUMBER>/
so, for example /var/lib/vz/images/100/
Now they aren't separated by snapshot unfortunately, they are grouped by disks. You will have at least a vm-100-disk-0.qcow2
& a vm-100-disk-1.qcow2
. The Disk-0 should be small & is the EFI (read Boot partition). If you have mounted ISOs they will also get backed up for some stupid reason & you can't prevent it. My EFI disk says it's 528KB & the backup is currently 12MB, & generally gets about 1MB bigger each snapshot.
One thing to note is that the snapshot is NOT a full backup of everything that was there at the time, rather it is a backup of the differences. So if your VM has a bunch of stuff & you delete a bunch then do another snapshot it'll end up slightly bigger than if you do another snapshot after adding a single text file.
Knowing this information doesn't really help you clean up backups, but it lets you see how much each is taking. For example I discovered my Mounted Windows Installer ISO for a windows VM (that is a 5GB ISO) was taking up 45GB of disk space for the backup. I removed the disk from the system, as I don't need it mounted all the time, as well as the VirtIO driver disk, whose size I don't remember but the ISO is only 600MB, & if I need them I can easily remount them. this is mostly letting you know that it is best to remove unused disks from your system.