It is and isn't. I'd argue it's not memorizing exact solutions(think copy paste) but memorizing fastest algos to accomplish X.
And some people might say well, you should know that anyways. The problem for me is, and I'm not speaking for every company of course, you never really use a lot of this stuff in most run of the mill jobs. So of course you forget it, then have to study again pre interview.
Problem solving is the best way to think of it, but it's awkward for me(and probably others) to spend minutes thinking, feeling pressured as someone just stares at you. And that's where memorizing the hows of typical problems helps.
That said, I just stopped doing them altogether. I'd passed a few doing the 'memorizing' described above, only to start and realize it wasn't at all irrelevant to the work we were actually doing. In that way I guess it's a bit of a two way filter now.