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It really depends on how different the markets are, how much of your localization can be achieved through your advertising, and how much you/your client will care about lots of little Insta profiles to manage with tiny fan bases vs. one big one, with one larger fan count. Shouldn’t matter, but still does.
Best case study I can offer was that we created separate ones, but this was in healthcare across Europe so we did it a) to offer in-language content vs. all English and b) to accommodate nuances in regulation and healthcare from country to country. Worked a treat but clients also had lots of money to pay for resourcing it all.