Local snapshot
A local snapshot is a point-in-time record of your disk that macOS keeps on the disk itself, mainly for Time Machine. It can hold on to space from files you've since deleted.
A local snapshot is a saved, point-in-time record of your Mac's disk that macOS keeps on the disk itself. Time Machine makes them so it has a steady picture of your files to back up, and so recent versions are at hand even when your backup drive isn't.
A snapshot keeps every file as it was when it was taken. So if you delete or move a file afterwards, the space it used isn't given back until the snapshot is removed. macOS removes local snapshots on its own after a while, or sooner when it needs space — which is why their space counts as purgeable.
Storage Studio's Local Snapshots… item in the More menu opens a window that lists them, shows how much space they're holding and whether a Time Machine backup exists, and lets you delete one or release space. If no Time Machine backup is set up, it warns you that the snapshots are the only copy of that state.
See also: Local snapshots · Storage Studio and Time Machine · APFS