I don't think it would make a big difference in your case in terms of durability. I would suggest using the 240V setting.
The voltage switch basically controls whether the two outputs of the generator itself are wired together in series (forming a 120/240V split phase output) or in parallel (producing a single 120V output). In either case, you have a maximum of 30A that you can use from any of the hots on the twist-lock connectors. The 240V setting in my opinion makes more sense for powering a 50A RV. (In theory, it could be possible to work better with an unbalanced load where one leg is more heavily loaded than the other with proper wiring of a cordset combining the two 120V outputs from the two twist-lock connectors when running in 120V mode, but errors in making or using such a cord could be problematic or even dangerous and I think the gains would be minimal in practice.)