This is a quick example of how you can use the useMemo hook on a child component. I realize this component is technically incomplete, but you get the idea..

useMemoExample.ts

import React, { FC, useMemo } from "react";

interface MyComponentInterface {
  text: string
}

export const MyComponent: FC<MyComponentInterface> = ({ text }) => {
  
  const MemoizedComponent = useMemo(() => (
    <Component
      prop1={'somePropData'}
      prop2={'someMorePropData'}
    />
  ), [text]);
  
  return(
    <div>
      Use Memo Example for a Component!
      {MemoizedComponent}
    </div>
  )
}