That would be true if the terminal were within the VM, for example if the VM was a graphical OS running a terminal program.
It isn't true if the VM is communicating over an emulated serial port. In that case, the VM software must provide a terminal as hardware. Typically the VM software only provides a serial port to the VM, which the user will then associate with something else via the VM configuration. This fails when loading a snapshot because the terminal isn't part of the snapshot.
For example, suppose that the VM is a PC-AT running DR-DOS and a BBS. (from the pre-internet days, with a modem for users to dial in on) At minimum, the VM software must provide a serial port for the VM. You could configure this to connect with a real physical modem and then connect to that with another modem and some dial-up software, but then you'd have a problem with snapshots. Loading a snapshot would place the BBS in a state that is inconsistent with the dial-up software. What you really need is for the terminal emulator to be part of the hardware that the VM is emulating. It would then be properly snapshotted.
