I don't disagree that this is a possible way of viewing memory. I'm am simply restating the argument that I've heard the best I know how. That usually comes with a "memory is an illusion" caveat. If you want to argue that that is memory instead of a typical "hard drive" sort of situation then sure, okay, but this is not what most people think of when they think "memory". They believe it is something in which individual memories could perhaps be extracted, implanted, etc. I personally believe it's a valid theory, however it lacks experimental evidence and has yet to account for the fact that we can recall individual "training data". To account for this I do think it would require fundamental changes in how we view "computation". If you believe that artificial neural network structures can account for the brains real neuron processing I suggest checking out the book I mentioned, not because it cant be true but that there are still big unknowns left to discover before we know for sure if this is correct.[0]
[0]Memory and the Computational Brain, C. R. Gallistel and Adam Philip King
You can read the main thesis here https://onlinelibrary.wiley.com/doi/pdf/10.1002/978144431049...