Question about Markdown in Classic Editor

Just curious about how this works under the hood.

I notice that if I export blog posts I’ve written using Markdown in the Classic Editor, they export as HTML. Is the Markdown not actually stored anywhere, just the converted HTML, and when re-editing an existing post Jetpack is just converting the stored HTML into Markdown for the editor on the fly, or is the Markdown stored somewhere that just doesn’t get surfaced in the export?

Thanks!