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Animisha When recording the piece, there are already so many things to think about, and adding to that the stress that I would not remember correctly, did not do my performance any good.
I think many people would have the same experience you had. It's possible that going through the lengthy process memorizing a piece very securely (which still can break down in performance) gives one more understanding or " The piece becomes part of you" whatever that means or whatever else those in favor of memorization claim, but the stress of playing from memory could easily outweigh those theoretical advantages.
Ignoring for the moment the added stress of playing from memory, it's possible or even reasonable that all the extra work needed to memorize a piece would give one greater understanding of it. But throwing back stress into the equation plus the huge amount of extra time needed to memorize I don't think it's worth it except maybe for a small number of pieces.