In fact, it is possible that the Phantom Zone converts even physical bodies to a totally different kind of substance altogether.
This appears to be exactly what the Phantom Zone projector does, anyway: it doesn't
separate the mind from the body, it turns the body into a ghost-like thing, presumably with completely different properties; therefore you could imagine that the mind continues to function, memories keep getting stored, and so on, just in a body of much lower density and mass, with a seemingly limitless lifespan.
In the early stories, the Phantom Zone didn't seem to be so much a place as a wraithlike state, so that Zoners can see what happens on earth, but can't affect it, whereas they remain invisible to the inhabitants of the more concrete world.