Is a Template evaluated for each recipient?

I’m planning to delay sending the AutoReply to requestors until some
staff member put the ticket in the Open status. It can be done with some
custom condition and Template (I’ve almost done it)

Now I wonder whether the template is evaluated once for each recipient,
or otherwise only once and the same text mailed to multiple recipient.
Of course that makes some difference, in case of multiple requestors I
have to send the right password to every one…
If it’s evaluated per recipient, how can I get the current one inside
the template?

Thanks for any hints,