I often hear this idea bandied about and the answer is No…and Yes!
There are certain aspects of your CV that you can’t really change. Your education, training, memberships, age, interests and your career. They are what they are.
But, you can slant your CV to appeal to a recruiter or employer for a specific role by having a properly written and constructed opening to your CV. This needs to consist of a Profile and and a Key Skills section. The former should be a précis of your career in 3-4 lines stating what you are and what you do, and the latter should highlight your skill set.
These 2 sections can then be modified to fit different job adverts and appeal directly to what the recruiter or employer is looking for in a candidate. If you don’t know what they’re looking for in their ideal candidate then you’re not reading the advert properly!
So, get these 2 sections done properly and you can easily and quickly have an application specific CV.