Just tried. It processes the escape first and then finds the path with it. Essentially, making it look into a directory made by the characters before the \/.
The above was when I tried:
But then I tried using Dolphin (GUI File Browser) to make a file and:
❯ ls
1 2 3 4 'asd\⁄sad.txt'
❯ ls
1 2 3 4 asd⁄sad.txt
In the first one, the backslash is not the escape character, but part of the text.
Turns out Dolphin just replaces the forward slash with U+2044 "Fraction Slash" character, hence, not requiring any escape. I'd call that cheating, but it works well.