Would a hiring company prefer to receive a personalized aproach by the candidate? It shows that the candidate is particularly interested in working on that company and took some time and effort to apply. But also may signal that the candidate is only saying what he thinks the company wants to hear, faking himself as a cultural match and etc.
Or would a company prefer to receive an honest, idiosyncratic, but standard candidate resume? It shows more about the candidate, his profile, culture, personality. It looks more honest and straight forward. But also may signal that the candidate is sending the same stuff for dozens of other companies, including some that he just don't care if he is not hired. So he may not really want or care enough to work on that company.
I would guess that nowadays recruiters care more about a resume personalized to them, even if it is telling some white lies or half-truths.