Yes, it is (compressed) binary: https://github.com/aardappel/treesheets/blob/master/TS/docs/...
TreeSheets tries to be highly efficient in space/time, which is challenging with text formats.
There's an option in the menus for auto html export on every save. It's what I use to browse my data from non-supported devices, e.g. mobile (thru e.g. DropBox).