This for me isn’t as simple as picking one over the others. I believe every story based off of a person’s life needs to be at least remotely accurate, but it also needs to be entertaining enough for someone to continue reading it.
If I wrote an Autobiography, I would want people of all ages to read it and enjoy it. So, I’m not going add long, boring words when I could use a small word, that most people would know, and get to the point. It really is a preference issue. But if someone is looking for a good autobiography to enjoy during quarantine, and mine begins with “the current autobiography that you are reading was based off of the existence of a femella…” they would completely skip over it, I wouldn’t even read it if it started like that! It doesn’t grasp your attention; the words don’t beg you to read more. So, yes, I truly believe that liveliness is a crucial part to any story. Accuracy is another key point to any dialogue, specifically when done by memory. I completely understand that you might not remember everything said word by word. Especially when it was months or even years after the original conversation. So, my opinion is, that if it is remotely close, and the point behind it is the same, it should be fine.
You shouldn’t change everything about the conversation, just to make it more dramatic. That’s where you have to understand how to use accuracy and liveliness together to create a dialogue that not only grabs your attention, but it is also true to the original conversation.
I am not an expert on writing, and no two people are the same, so this might not be the case for everybody, and there is absolutely nothing wrong with that. These are my opinions that I have found to be true with myself. So have an opinion of your own and let that effect the way you tell your story.