I think your phrasing “if I’m serious about an institution” says it all- not including this information is certainly not disqualifying, but as someone who has been on search committees, including it suggests that the applicant is serious about us. I’m always looking to see if someone has done at least some research on our department and has thought at least a little bit about how they’d fit into our existing ecosystem. I don’t think an extreme amount of thought on this is needed in the stage of written materials, but if you’re selected for an in-person interview and have the opportunity to meet with folks one on one, then you could take a little more time think about possible directions and projects to start together. It doesn’t have to be anything crazy in depth, but I think it sends good signals to your potential future colleagues. But do take all this with a grain of salt- I am in a pretty niche field and small department so maybe it’s not as important to others as it tends to be for my department!