I mean, it is thought to be stored in the form of persistent patterns in neurons and we know certain areas of the brain that are vital for the formation of memories. But there is no clear model of how memories are formed.
There has been rapid increase in understanding of such things lately and I would say neural networks give some insight and ways to explore and experiment with different configurations further.
A physical model like this could probably serve as a proof of concept and maybe help further knowledge in the are, but I suspect computerized simulations will serve this purpose better.
tldr; as much of a layman I believe we know too little about the brain to make a proper physical brain.