There are no options for Voice Memos application to specify path to save.
Searching for the recording name also did not reveal any file in Finder.
I wish to edit the audio file in Audacity but I need to find the saved file first.
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.m4a files created by Voice Memos can be found at
Inside that folder is an .m4a file of the actual recording, prefaced with a string of numbers. The file is not saved with the name you give the memo in the interface, unfortunately.
The Voice Memos interface allows you to send the audio file through Messages, Mail, or export it to Notes or AirDrop: