The effectiveness of each recuperator (regenerator?) is a function of the number of transfer units NTUmax = AU/Cmin.
Where Cmin = (mc)min
I leave it to yourself to see what happens with NTU with the two units in series, when the mass flow rates and the heat capacities values are equal for both sides ie, the ratio (mc)cold/(mc)hot = 1.
The effectiveness, [ε], values from Holman (fig. 10-13) for countercurrent flow are:
NTU [ε], %
0.5 30
1 50
2 67
3 75
4 80
For parallel flow and NTU values greater than 2.5, [ε] is constant at 50%. It is approximately the same for cross-flow units with [ε] at around 60-63%.