Yes. And I will die along with the memories from my grandpa. Most of them died already with him, and I don't remember all our conversations.
I have no kids but, even if I did, let's say I'd pass 20% of the 20% he passed on to me, and they pass 20% of the 20% of the 20%... You get the idea.
Heck, I already forgot 50% of my life since I don't have a journal!
This is not an "either" situation. Archival is important.
People write memories for a reason. This is automating the process, not superseding human communication.
I am the sort of person that never took photos (live in the moment yadda yadda). 15 years later, I'm starting to regret it.