I think there are a number of ways to do this, but all of the ones I’ve explored are script-based.
I have a client who uses Airtable forms to take notes but the notes arrive in Airtable as new records and ideally wanted the notes to be embedded into a single CRM record over many years (they consult with clients concerning geological changes in soils which are a slow and long process).
To make this work for them, there’s a form that allows geologists to enter notes using a form and the notes are stored in a table like transactions. Then another process (I use Google Apps Script but it could be the new automation script capability as well) transforms each note record into an entry in a long text field that includes the date/time of the note, author, etc. As new notes arrive, the long text field is updated and historical notes are sustained.
The process even supports images that are uploaded via the forms. The URLs to the images are also scripted into the long text field as embedded links for easy reading and access to the different images.