Microsoft has merged Snip & Sketch features into the modern (version 11.2112.42.0 and later). The behavior has improved:
C:\Users\[YourUsername]\Pictures\Screenshots snip and sketch save location
By default, Snip and Sketch saves your screenshots in the folder in your Pictures directory. The exact path may vary depending on your Windows installation, but it's usually located at: Microsoft has merged Snip & Sketch features into