@MAFIL - a "scroll" is a certificate typed up by the school secretary, with child's name on it in calligraphy (by teacher) and rolled up with a tiny bit of ribbon or an elastic band. Cost is buttons for a nice piece of cream-coloured 120gsm paper. It's just an excuse to get them to walk up to Principal, in their school uniform, in front of their parents, get their own individual round of applause and have a signed souvenir piece of paper from the school - that has nothing to do with exam grades or sports or artistic or musical ability - every child is equal on the day. There are no special awards and no child is singled out in any way.
The yearbook is something done by parents with a tiny input from school teacher. I was on the committee one year. Its a ton of work but so worthwhile. We got all sorts of class and group photos. Each child had their own page and it's lovely to look back on now and see some individual, friend and family photos and to see what the children like to read and the music they listened to (Cake By The Ocean was one of the most popular). The children also considered what they would like to change about the world, what their dream job would be and something unusual about themselves that their classmates might not know. As the children are in their teens now it is lovely to look back at their answers. They had a choice to opt out of any questions. For child protections issues we had to get signed parental consent and we did not include dates of birth and we suggested to parents not to show club logos in photos or let the children say where they would go to secondary school etc. We had a graphic designer on the team which was a great help. I personally, did hours and hours of typing and checking and chasing up parents for photos (some sent too many and some sent one or none, some were best unused) and having to interview some children to get their page completed and would happily do it again. I think every child participated the year I was on Committee.
There is a fairly minimal charge to parents as a deposit and the children fundraise for the balance, think cake sales (my DDs did their own baking) in school or an Easter egg raffle. Any families who had chosen not to buy the class photos along the way got a chance to have them in the book for just a little more than the cost of buying them individually.
And, no, I'm not in the US. It's increasingly frequent for secondary school students around here to be involved in a yearbook. Certainly, I think it's quite unusual at primary school level, maybe our school was unique in this, teachers have so much to do already it would be dependent on willing parents to organise it with the agreement of the school obviously. But the rest of the graduation ceremony stands on its own, it's lovely, and I'd cry with or without the yearbook. Just suggesting it for the OP as an alternative to Prom!