The question is not Where, but How.It is. Obviously. Or where do you think it is stored? :D
SWF, for example, is a composite object in archive - It can contain video, images, paths and transformations...It's not like GIFs, but more like SWF (Shockwave Flash).
But the video does NOT contain the mouse cursor.You can. rename the camrec extension to zip and you can open it with a zip tool like winrar and export the video and audio from it.
They are NOT stupid.Thats why you have to "save" a recorded capture by camtasia.
They're so stupid like still many further timeline programs, which apparently assume that avi can only handle one audio track and not multiple and due to this they allow multitrack audio capture only with this nonsense renamed zip container way. incompetency at work.
This is done, so you can highlight the cursor afterwards.
Also key presses are recorded, and they can also be displayed.
The number of tracks in an AVI file is the last thing that matters...
In BB Flash Back you can even edit the mouse trajectory.
And you CAN'T highlight the cursor in OBS.
Neither you can display typed in text or shortcuts.
To further illustrate these ideas, there is Wink.
It CAN'T export a video at all, only SWF.
And this SWF does not contain any video - only images and paths.