Looking through things, I think I've determined part of the reason for the larger backups. When I turned on memory snapshots that means that the memory is now getting saved as a separate VHD and then transferred.
Is it possible for the backup job status to provide more information regarding memory vs actual disk parts of the snapshots? For example, the cleanup task now shows two unused VHD, which I assume is the separate memory and disk VHD for the snapshot.