PS: re the 'looking in the wrong place', that is in fact a possibility. There are two possible storage locations, so if you chose one, and are actually looking in the other...
One option will create* (if required) a $SBV$ folder in the root of scope (what opens if you right-click profile in main UI > Open Right/Destination). The other option will create $SBV$ folders per (sub)folder, as subfolders of that location. This means you may see a $SBV$ folder in root of scope anyway (if it Versioned a root file), but you may need to drill deeper into the folder structure. It depends in this case where any file that was Versioned 'lives', and the $SBV$ folder (if there is one) will be at the same level as the current 'live' backup file.
* Note that $SBV$ folders self-housekeep. They are auto-created as (if) needed and auto-deleted if/when empty.
One option will create* (if required) a $SBV$ folder in the root of scope (what opens if you right-click profile in main UI > Open Right/Destination). The other option will create $SBV$ folders per (sub)folder, as subfolders of that location. This means you may see a $SBV$ folder in root of scope anyway (if it Versioned a root file), but you may need to drill deeper into the folder structure. It depends in this case where any file that was Versioned 'lives', and the $SBV$ folder (if there is one) will be at the same level as the current 'live' backup file.
* Note that $SBV$ folders self-housekeep. They are auto-created as (if) needed and auto-deleted if/when empty.