It has not to do with your ubuntu storage. Ubuntu just exposes block level storage via iscsi to the proxmox nodes. So it is a matter of proxmox to do the snapshots.However that depends on how you will "format" this block level storage. If you "format" it to lvm then proxmox can do lvm snapshots on vm hosted there. If you choose to "format" it to ext4 for example and create a .qcow2 vm, then you will have the ability to do qcow2 based snapshots.
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