Trust that the maintainers of PHP have optimized array_udiff() to outperform all other techniques which could do the same.
With respect to your scenario, you are seeking a filtering array_diff() that evaluates data within the first level's "value" (the row of data).  Within the custom function, the specific column must be isolated for comparison.  For a list of all native array_diff() function variations, see this answer.
To use the first array to filter the second array (and output the retained data from the second array), you must write $array2 as the first parameter and $array1 as the second parameter.
array_diff() and array_intersect() functions that leverage (contain u in their function name) expect an integer as their return value.  That value is used to preliminary sort the data before actually performing the evaluations -- this is a performance optimization.  There may be scenarios where if you only return 0 or 1 (not a three-way comparison), then the results may be unexpected.  To ensure a stable result, always provide a comparison function that can return a negative, a positive, and a zero integer.
When comparing integer values, subtraction ($a - $b) will give reliable return values.  For greater utility when comparing float values or non-numeric data, you can use the spaceship operator when your PHP version makes it available.
Codes: (Demo)
- PHP7.4+ (arrow functions)- var_export(
    array_udiff($array2, $array1, fn($a, $b) => $a['ITEM'] <=> $b['ITEM'])
);
 
- PHP7+ (spaceship operator)- var_export(
    array_udiff(
        $array2,
        $array1,
        function($a, $b) {
            return $a['ITEM'] <=> $b['ITEM'];
        }
    )
);
 
- PHP5.3+ (anonymous functions)- var_export(
    array_udiff(
        $array2,
        $array1,
        function($a, $b) {
            return $a['ITEM'] === $b['ITEM']
                ? 0
                : ($a['ITEM'] > $b['ITEM'] ? 1 : -1);
        }
    )
);
 
Output for all version above:
array (
  3 => 
  array (
    'ITEM' => 4,
  ),
)
When working with object arrays, the technique is the same; only the syntax to access a property is different from accessing an array element ($a['ITEM'] would be $a->ITEM).
For scenarios where the element being isolated from one array does not exist in the other array, you will need to coalesce both $a and $b data to the opposite fallback column because the data from the first array and the second arrays will be represented in both arguments of the callback.
Code: (Demo)
$array1 = array(
    array('ITEM' => 1),
    array('ITEM' => 2),
    array('ITEM' => 3),
);
$array2 = array(
    array('ITEMID' => 2),
    array('ITEMID' => 3),
    array('ITEMID' => 1),
    array('ITEMID' => 4),
);
// PHP7.4+ (arrow functions)
var_export(
    array_udiff(
        $array2,
        $array1,
        fn($a, $b) => ($a['ITEM'] ?? $a['ITEMID']) <=> ($b['ITEM'] ?? $b['ITEMID'])
    )
);