The "savegame" is still stored in the registry under
HKEY_CURRENT_USER\Software\Smartly Dressed Games\Unturned
They relevant keys begin with
and a lot of others, mixed with your normal settings.
I have monitored the app with Handle, Process Explorer and some other security software I have access to and did not find any evidence of the game spawning any file handles that would indicate it saves somewhere else.
After deleting the registry entries and relaunching the game, the same entries reappeared: