Just FYI and if anyone wonders same thing, there is a bug when trying to set settings if the Snapshot is already installed and working:
If changing any settings and leaving the option of the Snapshot directory to the "Default" error message is shown that "Snapshot directory already created". One need to change setting to the custom and then the settings will be saved. Custom puts directory to the same as default:
"Your current snapshot directory lives at: ...../www/wp-content/uploads/snapshots/"