While Google advises to use abstractions, I like the left-hand side variant. It looks to me easier to understand and change. The right hand side is scattered and abstractions mutate the object, which may have side effects.
Agreed more readable, instead of searching/scanning. That's an issue I have with larger projects, more files and classes to jump to for not any gain really.
It's all about the right level of abstraction at the right time. The example given is too kind to the reader, I can imagine functions with 1000s of lines with the exact same structure of doing too much distinct sub-steps. Of course you don't want to create something like the indirection hell that frameworks like Spring in Java create but it's not hard to find a middle ground. For instance I find it specially easier to create code like the right-hand side when I'm using test driven development.