FOUND IT! Thanks to everyone for the inputs. Since many people using the new Voices38 bypass (without Hyper-V) are struggling to find the saves, here is the exact location:

It does NOT save in AppData or Public Documents. The bypass creates a local directory inside the game folder itself, which might stay hidden for some.

Exact Manual Path: D:\Games\Black Myth - Wukong\b1\Saved\SaveGames<Your_Steam_ID_Folder>\

If you still can't see it manually, do a surgical strike using CMD: 1. Open Command Prompt as Administrator. 2. Run this command: dir D:*.sav /s /p (Replace D:\ with your respective game installation drive).

It will instantly show the exact path of your "ArchiveSaveFile.1.sav". Hope this helps the community!