The size of what can be stored in an opreturn is not changing. Mempool is being brought in line with consensus rules so that we stop having block space being sold out of band directly by miners.
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I think Im starting to understsnd the underlying technicalities. If I understand correctly, I could configure my node and mempool to disregard (ignore) OP_RETURN data and never store it?
i.e.: It'll exist in the ledger but not on my hardware?
It doesn't matter how you configure your node or which node you run (core or Knots): if there's opreturn data in a block, you will be storing it.