Potentially a very dumb question, but is there such thing as an environment "snapshot" ? Or is this just a sandbox refresh? We want to copy the current prod environment over to one of our SBX environments. I always assumed it's just a refresh, but would like some clarification. Thanks in advance!

what would you define as the difference between a “refresh” and a “snapshot”?

That's just a refresh. To echo jen, I'm not sure I understand what the difference is. Should note that it uses the last full backup which may not be today or even yesterday depending on what time you submit your request

when you submit the request, on that page it will tell you when the last snapshot of your production was taken, so you can make an informed decision