I'm all for the zettelkasten method, for good notetaking habits...however there's also a tendency of many notetakers, or productivity porn on notetaking, to waste so much time 'notetaking' and 'organising' that they never _act_. (I've been very guilty of this in the past).
Recall isn't bad. It's essential. It is, however, not the _only_ thing to use. You want to use spaced repetition for the most important, most used information. Stuff that's a bit more niche, rarely used, yeah just search that.
Naturally, this only works on knowledge-base exams, not skill-based exams (e.g. math). This also shows up in the results: math exams generally seem to have worse grades than other exams, and math exams seem to have lower thresholds to pass (e.g. 25 % vs. 60 %).
It's not perfect for every type of information, and there are some aspects of memory (most notably contextual memory) which can make it less effective than one might like. But it definitely is more useful than just for exam cramming...
I'm also not sure where you're getting "math exams generally seem to have worse grades than other exams" and "lower thresholds to pass" from.
At university I specifically remember some of my friends not understanding the calculus they were doing _at all_, yet they could still answer questions because they rote learned the technique.
I think of Spaced Repetition more generally. A paper based Zettelkasten system can be enhanced with a paper based review scheduling system; say 43 folders as described by David Allen in Getting Things Done with a simple SuperMemo algorithm for interval spacing.
When we gain good recall of Zettelkasten structure/content I suspect that we inadvertently mimic Spaced Repetition. I can be convinced otherwise.