Yes - each profile has its own directory. That directory is zipped and renamed .unipps, thus you can do the inverse: open any unipps in WinRAR, WinZip, or similar program. Or just change any exported profile's extension from .unipps to .zip to see inside also works.
Not sure what's inside is of much value to the casual user. But if you absolutely needed a complete backup of any profile (and couldn't export from PPS for some reason, like maybe you uninstalled it), you'd find all profiles there. Or if you installed a different version of PPS and wanted your old profiles in the new software, you could copy those profile directories over.
A more advanced purpose would be if you wanted to install PPS on multiple computers at the station, but have each computer edit the same profiles. You could - in theory - move that directory to somewhere on the network then create symlinks so each computer points to it. But your fire station IT should handle that, as you risk screwing up the profiles for everyone if done wrong.