You cannot disable it, only complain to Apple with a feature request.
https://www.apple.com/feedback/photos-ios.html
However, you can reduce the amount of memories that are created over time. Whenever a new memory is created, block it before you delete it. Then no more memories of the same type will be created.
See: https://support.apple.com/en-gb/guide/iphone/iphd4f70e68f/ios
Delete or block a Memory movie:
Tap the For You tab, then tap a Memory.
Tap ... , then tap Delete Memory or Block Memory.
As you block more and more types of Memories, you will see less Memories created .
And you can disable the creation of Holiday memories. Settings > Photos > Show Holiday Events
And refrain from feeding Photos with information. Do not name faces, do not take photos with GPS tags, etc. there is no way to disable this feature.