useMemo:

A hook used to memorize a value, when certain values of the dependency array change.

Instead, useCallback memorizes a function, a callback, so when the component re-renders, you don't have to recompute the whole function.

UseMemo sample use:

For example, you want to calculate the total of the cart payment. I'll memorize that total value, and only change it when the taxes percent changes too.

const total = useMemo(() => taxes + subtotal, [taxes]);

UseCallBack sample use:

I want to perform various calls to an API, or a DB to search for certain values (e.g, on a searchbar), but I don't want the component to recompute the function every time it renders, so I memorize the function:

const getCharacters = useCallback(() => {
      if(input.trim() !== ""){
        const value = input.toLocaleLowerCase()
        const chars = Characters.filter((character)  => {
          return character.name.toLowerCase().includes(value)}
        )
        setCharacters(chars)
      }else {
        setCharacters([])
      }
  }, [input]);

Usually, useCallback is used when a useEffect hook is also needed, to mount an element when certain dependency changes:

useEffect(() => {
   getCharacters()
  }, [input, getCharacters]);