Yeah, that's been there for years. I just never use it because it's such a pain in the ass to access any specific memory, for the very reasons you mentioned.
I actually really like the idea of being able to click on a screenshot/memory and reminisce with the feeling at the time attached to it. It's a great idea, but poorly executed. If they had just designed it so that your sim could quickly and easily access only memories where they are tagged, it would be potentially the best sims memory system of the franchise. But as it is, it's almost useless. I still go in and check it out a few times a year just to see if it's any better, but if anything, it's gotten worse over time as I've taken more and more screenshots. It seems like they've abandoned it, which is a shame, because again, it had the bones of a great system.
If they ever get around to fixing it, aside from an easier way to access it, one other thing I wish they'd tweak is the way sims are tagged. For example, you can have a picture of the first kiss between your sim and their spouse, and the spouse might not be tagged to it, but three random sims who were walking down the block, and not even in the picture, will be.
