Is allocating a specific time for memorizing the Holy Quran—such as 8:00 AM—considered an innovation (bid‘ah), given that memorizing it is an act of worship?

Setting aside a specific time for memorizing the Holy Quran is permissible and is one of the most helpful things for continuity and perseverance in it. It is not an innovation (bid'ah) if done to organize time and habituate oneself to good deeds, for the most beloved deeds to Allah are those that are most consistent, even if they are few.