I am planning to upgrade QRadar 7.3.1 to 7.3.3 in a VM but before that i will take the snapshot of VM. Now my question is can i revert my snapshot to version 7.3.1 after upgrading the VM. Also how will it affect the configuration of the VM and to what extent. Any documentation around this will be really helpful.
That's a question best asked of the vendor (VMware does not make QRadar). If you need 100% guarantee of consistency, perform a snapshot with the VM powered off. Otherwise talk to IBM.
A snapshot is what it sounds like, it is a snapshot of what the vm is like at that time. So if you revert, its like it was at the time you take it, that includes disks and configuration settings. This is an older post that has a explains the same topic. Its a bit older but concept is pretty much the same.