This command opens a backup version of the current file. Depending on your backup settings, you may have many or few backup copies of your file.
Backup files are given a unique name based on the original file name. For example if the original file name is render.c, then the backup name will be something like render(1066).c where the (1066) part is a random value to make the file name unique in the Backup directory.
To open the Backup folder in Window Explorer, click the Show Folder button.