You are not eligible for EU261 compensation if the flight was delayed or cancelled due to exceptional conditions such as extreme weather. You would think that Munich would expect reasonable amounts of snowfall, so it would have to be exceptional to avoid having to pay compensation. If only your flight was affected, or just a few flights, then perhaps you may have a successful claim, but if half the flights of the day were cancelled, you would probably have a much lower likelihood of success.
Nevertheless, nothing stops you claiming no matter what the conditions. If you make a claim, the airline will hopefully present its justification of the cancellation which will help yout to make a determination.
Irrespective of compensation, the airline should have paid for your hotel and food for the delayed flight as part of their duty of care.