Lord_Justrich: Current location when installed from Galaxy Client appears to be:
C:\Users\<Name>\Documents\Paradox Interactive\Age of Wonders 4\Storage\Save
And if you want to delete save games from File Explorer with Cloud Saves Enabled, make sure the Game Launcher is running before you delete the files so the Cloud Saves doesn't put the files back after you close the game/launcher.
I'm not a galaxy user so I can't confirm, but in forums for other games it was stated that the location of save files can be changed in Galaxy. The reason I'm pointing this out is that it is a really, really bad idea to put save files in your Windows protected folders. Get them off of the C drive entirely.