Which has more value, a 1st/2nd time pass or a 3rd time pass with high marks?

In my mind a pass is a pass. It doesn’t matter how you got there so long as you did.

Sure, some employers/interviewers want first time passes but generally so long as you pass that’s all that matters.

By the time you achieve the desired high mark, you would have already paid the exam fees thrice and spent 9 months (minimum) repeating the same syllabus. Would the desired result compensate for this input? Maybe, maybe not. Its all subjective.

From employer’s perspective and the way ACCA exams are structured, a pass is all that matters. It means you have obtained sufficient knowledge in a specific area and were able to execute that in a skillful manner under time-pressured exam conditions.

Personally, i have always preferred gaining clear understanding of the knowledge, so that i am able to demonstrate the same knowledge when required (whether in exams or otherwise). It is good to achieve a high mark, but it is even better to be good at understanding the concepts and having the ability to explain them in a simple way.
Furthermore, if you are good at basics of a subject, then it helps a lot when the syllabus advances in later exams.

Hope this answers your question.