I tried it – different monsters are not generated from the same save file. As far as I remember from the original game, the contents of dungeons, magic guilds, etc., also do not change. Only the order in which heroes appear in the tavern changes. But let the experts correct me.
What does not change: terrain and objects, the number and type of monsters, the contents of pandoras.
What changes: all artifacts (while preserving the level), the type of some resources, and for strictly defined resources, their quantity, the contents of all banks, huts, and universities, the guards of neutral cities, skill progression, and army size for prisoners.
Added 13 minutes later
Regarding restarts, I would recommend designating one person as the lead who would generate the save files, check them for obvious glitches, blocks, and generally strong imbalances in one direction or another. This saves time and reduces the number of draws.