To disable Windows Recall via registry, you can add the registry keys below. They are the GPO-equivalent (for those that want to disable it this way or are unable to use group policies).
Computer policy:
Windows Registry Editor Version 5.00 [HKEY_LOCAL_MACHINE\SOFTWARE\Policies\Microsoft\Windows\WindowsAI] "DisableAIDataAnalysis"=dword:00000001
User policy:
Windows Registry Editor Version 5.00 [HKEY_CURRENT_USER\Software\Policies\Microsoft\Windows\WindowsAI] "DisableAIDataAnalysis"=dword:00000001