Where are the files located after downloading from iCloud?

I have a very limited storage of 256 GB on my MacBook Air and out of which the iCloud downloads the data on my local disk. However, I have an external SSD of 1TB and would like to store all the downloaded data to my external SSD and redirect the future downloads from iCloud to the SSD.

I see a 3.68 GB of data on my local hard disk, but not able to view the photos too. The only place I could see the data is on the Finder > iCloud. Will be helpful if someone could give a way to solve this.

P.S I am new to macOS and it runs Big Sur