2 official rulings from Bandai, last ruled Mar 28, 2024. Straight answers to how this card actually resolves.

What does this card's "<On Deletion> If your opponent has 1 or less memory, <Draw 1>" mean, exactly?
It means that you <Draw 1> when the memory is at 1 through 10 on your side, 0, or 1 on your opponent's side at the timing when this Digimon is deleted.
Ruled Mar 28, 2024
If this card's <On Deletion> effect activates when my opponent has 1 memory, do both the <Draw 1> and "gain 1 memory" effects activate?
Yes, both activate.
Ruled Mar 28, 2024
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