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