Your memory stays intact with either decision.

The question is, do you want to have your knowledge be immediately applicable to you upon being born, or do you want it to be a wellspring of information that you can pull from in an entirely different world where physical labor is dramatically simplified by the use of magic?

The advantage of magic is magic. You might be able to make extra coin by developing simple technology like a bicycle or something, and selling them to other people, or if you’ve read a lot of do-it-yourself and how-to books over your lifetime, you might be able to improve people’s living conditions and make a good life for yourself in the process.

The advantage of knowledge in this world would be things like putting extra skill points into your intelligence until you unlock eidetic memory and then remembering every lottery number that has ever been played that you’ve ever casually seen in your entire life, every stock market notable maneuver or event, and every major and minor catastrophe that has happened over your entire life and then do things to either prevent them or capitalize on them.