I would say something in between what you are describing - you should be memorizing it as a whole phrase. But the characters are obviously not random and shouldn’t be considered just something like four syllables strung together though. Many chengyu, proverbs, etc. have background context like a literary/historical reference or story behind them (think like the phrase “sour grapes” from Aesop’s fables - you can directly memorize what it means, but if you knew the story it’s much easier to remember it), so I think it might help you with memorization if you look it up and really understand the phrase.
I actually haven’t found any consistently great English sites for that purpose, but if you Google whatever it is + “meaning”, you will almost always find a Baidu link at the top of your results. (Or you can use Baidu search directly yourself but I’ve found that Google works pretty well 9 times out of 10.) Sometimes it’s a pretty long Wikipedia style article, and sometimes it’s more of a Yahoo questions page with native speakers asking what a particular expression or phrase means, and several people answering it with explanations. You might need to use Google translate to understand it.
Like for example, something like the proverb 兔子不吃窩邊草 (a rabbit doesn’t eat the grass beside its burrow, i.e. be good to your neighbors/coworkers/whoever going to be your people, can even be used in a situation like telling someone not to date a coworker)
PurpleCulture usually has pretty good example sentences: Chinese Word: 兔子不吃窝边草 - Talking Chinese English Dictionary
If you searched Google with “兔子不吃窩邊草 meaning” the first link is this Baidu article
https://baike.baidu.com/item/兔子不吃窝边草/9106829
I don’t know how accurate these Baidu pages are necessarily, but I find it’s a lot easier to remember the phrase because of these background stories like this:
There is a ravine deep in the silent mountain. In the ravine lives a brood of rabbits-mother rabbits, little gray rabbits, and little black rabbits. Mother Gray Rabbit taught her two children from an early age: “Rabbits don’t eat grass near their nest, otherwise hunters will come to the door.” So they don’t eat grass near their nest. Later, when the two rabbits grew up, the gray rabbit and the black rabbit left their mothers and lived separately. The gray rabbit lives on the east side of the ravine, and the black rabbit lives on the west side.
After the two rabbits left their mother, the gray rabbit remembered her mother’s advice, not to eat grass at the edge of the nest, and went to a far place to find grass to eat every day. But the black rabbit gradually became lazy, thinking that since there is grass to eat next to his den, why bother to stay closer and eat the grass next to his den every day. Finally one day, a hunter came to this ravine, and two rabbits were hiding in their dens. Because the black rabbit ate the grass next to his den, the hunter spotted the black rabbit’s den at a glance and caught the black rabbit. The gray rabbit’s den was not found by the hunter because it was covered by weeds, and thus escaped.
Although the rabbit is a typical herbivore, it does not eat the nest grass. The grass on the edge of the nest is used to hide, and if you eat it, don’t you expose yourself to the enemy’s eyes and kill yourself? It can be seen that to protect the living environment is to protect yourself.
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Or let’s say a chengyu like 狼心狗肺 (wolf heart, dog lungs, meaning someone who is cruel and unscrupulous or has no morals)
You can get the background context story here in English: What Does Chinese Idiom “狼心狗肺” Mean and How to Use it
Here is the Baidu page: https://baike.baidu.com/item/狼心狗肺/74012