Our memory of exact word sequences usually fades more quickly than our memory of (contextually interpreted) meanings.
More broadly, the exact auditory sensations normally fade very quickly; the corresponding word sequences fade a bit more slowly; and the interpreted meanings last longest.
These generalizations can be overcome to some extent if the sound or the text has especially memorable characteristics. (And the question of what "memorable" means in this context is interesting.)
The far more pernicious issue with pangrams, as a means for evaluating typefaces, is how poorly they portray what text actually looks like. Every language has a natural distribution of letters, from most to least common, English famously beginning with the E that accounts for one eighth of what we read, and ending with the Z that appears just once every 1,111 letters. Letter frequencies differ by language and by era — the J is ten times more popular in Dutch than English; biblical English unduly favors the H thanks to archaisms like thou and sayeth — but no language behaves the way pangrams do, with their forced distribution of exotics. Seven of the most visually awkward letters, the W, Y, V, K, X, J, and Z, are among the nine rarest in English, but pangrams force them into every sentence, guaranteeing that every paragraph will be riddled with holes. A typeface designer certainly can’t avoid accounting for these unruly characters, but there’s no reason that they should be disproportionately represented when evaluating how a typeface will perform.