This is a topic that has generated endless debate here and on other flashlight forums! The short answer is, "Try it and see," also known as, "Your mileage may vary."
At low brightness levels, it does not matter much. We humans cannot see much color at low illumination levels. At medium and bright levels, however, we can.
For general outdoor usage, many who have tried both NW and CW find that the reds and browns common in natural environments look better under a neutral-white light. That said, there are plenty of others who prefer cool white. Here is a
YouTube video that has an outdoor comparison of CW and NW flashlights. The video exaggerates the difference between the two. Our eyes see just what the camera sees, but then our brains perform a "color correction" that the camera cannot do.
Indoors, you will get relatively more votes for CW.
Flashlight novices just go for brightness. On that basis alone, they select CW in large numbers. Most do not know that an alternative exists.
Are you a photographer? Many prefer NW (and high CRI, whatever that is).
More than the general population, flashaholics tend to prefer NW, but I could not say whether that is a majority. As an example, BudgetLightForums recently completed the design of a custom flashlight for a group buy that has 1000 subscribers. It is the BLF Manker A6. Out of 1000 units, 350 will be made in cool white, 500 in neutral white, and 150 in warm white. The respective tint bins for the XP-L emitters are 1A, 3D, and 5A. Most of the aficionados who have selected warm white have done so in part because they think it will counteract the slight green hue that AR coating creates. The combination gets them back towards neutral.
A more complicated answer involves a discussion of CCT (correlated color temperature), CRI (color rendition index), and a few other variables, such as brightness (i.e., lux on target), what, specifically, you are trying to see, and how far away it is.
But who cares about this mumbo-jumbo? At the end of the day, you have to just try out a few flashlights, and see what you like.