Interesting question and have been wondering this for a long time. There are two properties that I think are significant. 1) compressibility of the material 2) compatibility of seal ring material with base material
So the first, clearly copper can handle more compression from torque than an aluminum seal ring can. But aluminum would seal better with lower fastener torque values. So for items that have a relatively high torque, copper would seem to be the choice. Items that have low torque or are prone to leak, aluminum would seem logical. I have had a couple of places that would not seal with copper rings and aluminum sealed them right up.
For the next property, I am talking about using an aluminum seal ring on an aluminum surface. Because the two materials are alike, there is a very real chance one of the sealing surfaces will gall. Either the seal ring itself or the sealing surface on the component. I have seen that happen and is not a good thing. I use copper seal rings on aluminum components when I think there is enough torque to seal the copper.
Aluminum will tend to corrode more than copper in coolant and maybe that is a deciding factor. I am not sure it really makes that much difference and am probably way over thinking this.