Probably. Although I don't remember hearing that from the devs, directly, and I don't know enough about PNGs to be sure they can't just store enough info for a tech in their textual metadata. (Or beyond the readable image data range of the file, as this page talks about as an option.)
I DID hear of it from the devs during the KICKSTARTER. and from what dim distant details that I have a vague memory of reading, the encoding uses the least significant bit of the colour info in the png, which is why the editing of the png destroys the tech data
How did you do that? Just a Photoshop manipulation?
I wonder if you could manage to make a snapshot look totally black (or white), by glitching the camera inside something, for example, so you could literally just see the data pattern on the Alpha channel...
That is the most efficient way of storing data that i know of. Yet the PNG's still don't take up much space. It probably copies the binary code from your tech and your CPU converts it to an image like that, atleast that is my theory.