If you want to run performance benchmarks, Laravel has utilities for it:
https://laravel.com/docs/13.x/helpers#benchmarking
Cache::memo() stores retrieved values in memory so that the underlying cache store is only hit once per record per request. It'll only have an effect if you try to fetch the same record multiple times in a single request.
You might see a big difference in the benchmarks if you crank up the number of iterations, but that's probably misleading. There might be no real performance benefit in practice.