I found the answer thanks to this comment . To take and upload snapshots, start a Telnet session for the emulator:
$ telnet localhost 5554
Trying 127.0.0.1...
Connected to localhost.
Escape character is '^]'.
Android Console: type 'help' for a list of commands
OK
avd snapshot save snapshot_name
OK
avd snapshot load snapshot_name
OK
Android emulator freezes for several seconds when saving / loading snapshot. You can also list snapshots with avd snapshot list.
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