Recall (and Rewind) are similar in the sense that they both use screen data, but it's designed for retrieving specific things you saw, not semantically summarizing your time. My opinion is that they're completely different feature sets.
Which are wildly different when comparing a third-party hosted product (i.e., Microsoft), and a self-hosted OSS application that can use a self-hosted Ollama model.
There really isn't a reason that the screen data, once you have it, can't be used for more than one thing. I would guess that there isn't a whole lot stopping Windows Recall from doing very similar things.