The entire time I was a NW Elite:

* zero flights in F/Y had been addressed personally by the captain.

* one flight in F had each pax thanked personally by the Lead FA pre-landing (though she was reading from the manifest, as she thanked each pax).

* one flight in domestic F had the pax addressed by name during meal service (not to thank, to serve).

* every WBC flight has had this pax addressed by name on meal order.

This was after Silver/Plat/Silver/Plat, 220k+ eqms, maybe <200 +/- segments

Personally, I'd prefer the captain meant it when they did it, or not do it at all. 1x of forcing through the motions would ruin 10x of meaning it.