The real issue is that every single application requires you to provide a CV and cover letter, only to then make you re-enter all of the info from those into their likely terrible hiring software that will force you to sign up. Then the majority ghost you.
So yeah, while I agree it's not worth writing a custom cover letter for every job, I'd say CVs are worse. As you are pretty much forced to anyway as you re-enter everything over and over despite providing a copy of your CV.