When you choose to store your recordings locally, your video files are stored in a local sandboxed HTML5 system managed by Chrome.
This file system resides in the profile directory of Chrome, but cannot be accessed directly with the file browser of your operating system.
We highly recommended automatically saving all of your videos to your Google Drive. It's much safer.
If you save your files locally and would like access to a video file itself, you must export the recording as a .webm, .mp4 or animated .gif.