AFAIK there's no magic to React.memo. It's basically a shorthand for useMemo that takes the props as the dependency.
Pedantic note: this isn't quite true. memo() also allows a second `arePropsEqual` argument that useMemo doesn't have. Also, memo() compares individual prop values, while useMemo() can only look at the whole props object (which would be "fresh" on every render -- it's a diffferent object, even if it has the same values). So it's not like you can easily reimplement memo() via useMemo(). But of course, conceptually they are pretty close :)