In BRE (basic regular expression) mode (i.e. without the -E or -r command line option) braces are not special, while escaped braces are used for quantifiers like \{1,3\}. The error message is because standalone can't be parsed as a numeric quantifier. So you want {standalone}:
$ printf '%s\n' 'documentclass{standalone}' | sed 's/documentclass{standalone}/documentclass[class=memoir]{standalone}/gp' documentclass[class=memoir]{standalone} documentclass[class=memoir]{standalone}
Alternatively keep the escaped braces, but use ERE (extended regular expression) mode:
$ printf '%s\n' 'documentclass{standalone}' | sed -r 's/documentclass\{standalone\}/documentclass[class=memoir]{standalone}/gp' documentclass[class=memoir]{standalone} documentclass[class=memoir]{standalone}
Note that in either case, nothing in your RHS needs escaping.
See also:
Note also that at least in GNU sed, -is will edit the file in-place, creating a backup file with suffix s. If you want to pass the -i and -s options you must do so separately or in the other order -si. However iirc -i implies -s so the latter is likely superfluous.