Yes, there's some reasoning behind the decision to remove snippet Content from search results. You can find the original discussion and decision in this issue: https://gitlab.com/gitlab-org/gitlab/-/issues/199220
I'm excited to have version controlled snippets. I used to use Github Gists just for this feature.
Snippets work great for team collab as I can throw up a random snippet and iterate on it now with version control instead of copying or replacing it as the previous design forced me to do.
This makes me a bit sad, but it probably has a valid technical reasoning. I just have to be a bit more descriptive in my descriptions I guess!