My elementary school does not do a yearbook, so I provide my 5th graders with a memory book to reflect on their school experiences.
I use PowerPoint (or Google Slides) set to 8 1/2" x 11" dimensions to also make several pages of pictures I've taken throughout the year. My cell phone photos print very well in black and white.
I combine those pictures with this document and we work on the Memory Book a little at a time during the last week of school. On the last day, we have a "yearbook signing".