Do hiring managers/recruiters really read cover letters? I feel like I spend so much time writing this for nothing :(

I can only speak from my own experience, but I have had hiring responsibilities for around 10 years now and I’ve hands down read every single cover letter I have ever received. Whenever you apply somewhere, you are starting a dialog with a person, even if you don’t know them yet.

I think I have a bad view of cover letters because the 'standard' is generally a long text about why you are better than others you don't even know... Idk maybe I will try to write something more genuine and focus on saying why I want to work in the company

This is exactly what I’d be looking for: a short intro that is honest and authentic that describes what you are looking for in a job, why you think this job would be a good fit for you, and some thoughts on the company you apply for.

If you don't mind the question, What would you be looking for if it's a job for a junior with some experience and would you be reading a cover letter from a person who has no professional experience at all? Like, what could highlight this person besides the portfolio?

I would definitely read it. I value motivation higher than professional experience, so I’d like to understand what the candidate is doing to educate themselves, what they are curious and passionate about, and why they are choosing a career in design in the first place.

That's interesting. Could a portfolio with case studies from different industries (health, fintech, etc.) devalue the perception of the candidate's passion for a niche? (I believe it's an individual opinion, so I would like to know your perspective since you value motivation)