It's a bit more complicated than that..But the memory itself isn't conscious and doesn't realize or understanding anything, just data storage.
My daughter's in her final year of her neuroscience degree, about to take her final exams; they've been learning stuff that's right at the cutting edge of current knowledge and ISTM that one of the things she has learned is that it's all a lot more complicated: it's more than just neurons, it's more than just regions of the brain; it's more than just neurtransmitters - all of these tell a part of the story, but even if you were to gain perfect understanding of each part, you'd not be much closer to working out how the brain functions without their interconnections and other unexpected things that keep cropping up.
I think she's wanting to go on and do a PhD, after which I'm sure she'll be even more aware of all the bits we don't know yet.
But no, memory isn't "just data storage", not even close.