The Recall feature will only work on devices that have a specific NPU as part of the design.
Currently only the new ARM based CPU models coming out will have support for it. Intel and AMD CPUs are markedly short of the required NPU power required for Window Recall to work and will be for some time.
This is a feature that is unlikely to ever show up on existing Windows machines, and is only likely to be something you'll encounter on a specific subset of devices for the next few years. Five years from now, it might become more ubiquitous on new PCs.
But yeah... As far as the Recall feature itself goes... It's one of those Microsoft "innovations" that just has me shaking my head. Given it's nature and it's requirements for storage space, etc, I'm pretty sure it will be defeatable if you don't want it, but it won't surprise me if it's turned on by default or there are nags to get you to enabled it if not.