Does the Hadith: "Recite the Qur'an, for it will come as an intercessor for its companions on the Day of Resurrection," indicate the virtue of memorizing the Qur'an or reciting it?

The hadith did not specify the virtue of reciting by heart. The hadith indicates the virtue of memorizing and reciting the Quran. Memorizing the Quran is better than continuously reciting it, based on the Prophet's (peace be upon him) saying: "It will be said to the companion of the Quran: 'Read and ascend, and recite as you used to recite in the world, for your status will be at the last verse you recite.'"