Product : Microsoft, HyperV/2016, DataCenter
Feature : Live VM Snapshot, Updates and Backup, Management
Content Owner:  Roman Macek
Summary
Yes (Checkpoint) - NEW: Production Checkpoint
Details
Snapshots - with WS2012 R2 also referred to as Checkpoints- can be taken, deleted and reverted to with or without SCVMM while the vm is online. The Hyper-V Live Merge feature allows to merge checkpoint back into the virtual machine while it continues to run (checkpoints include vRAM when taken online).
New in R2 is the ability to export a virtual machine checkpoint while the vm is running.

Before Windows Server 2016, checkpoints were based on the save state and not all applications support this state (ex: AD or SQL). In Windows Server 2016, a new checkpoint process called production checkpoint exists. They are based on backup technology: VSS. Regardless the hosted application, the production checkpoint can be run on the VM. Its work also on Linux VM.