Yeah! it would, effectively every spell becomes a ritual. The world builder side of me want it, to be honest I would prefer the Modify -create - Scribe approach. I am aware of the issue with it as presented but I think that could have been worked around easily.That's not experience varying - that's similar to mine, but illustrates my point.
I agree that Wizards don't prepare those spells that often - because in 5E, you can't memorize/prepare that many spells. Thus narrow-usage utility spells tend not to get memorized unless there's a specific perceived need for them.
That's a feature not a bug. It reduces how dominant Wizards can be in the exploration and social pillars.
What Memorize Spell as per UA Packet 7 would do is make so you never needed to memorize any of these spells, but had relatively quick access to all of them (that were in your spellbook, anyway). Suddenly all these narrow-usage spells that can negate entire other characters or skillsets or abilities even needing to exist (particularly but not exclusively Rogues) would be available for use, particularly because most 2nd level combat spells kind of suck (sorry Chromatic Orb etc., but you do).
I think I am more in favour of it than not, but that is because I have never been in a game where spells were easy to come by and I have never seen a caster spend a slot on something that could be done with an ability check.