[Even though you could theoretically generate a lot of detail, especially textures, algorithmically on the fly, nobody goes for that: the only known good way to band limit textures for level of detail reduction without aliasing artifacts is to sample and filter them - generating the whole texture anyway.]
The off-the-shelf tools have come a long way for a lot of tasks, but studios still create really awesome in house software that in a bidding situation (VFX) can help a bit. Though to be frank the bidding process is an absolute mess.
When it comes to rendering, it all depends on the focus of the projects and the direction/needs of the studios. Though the end results may be similar, the way you get there will have varying degrees of optimization and flexibility depending what the stack is built on (besides the typical necessities of traced rendering).
Some examples:
- Pixar: Renderman
- Weta Digital: Manuka [0]
- Framestore: Freak [1]
[0] https://www.wetafx.co.nz/research-and-tech/technology/manuka...
[1] https://web.archive.org/web/20210126083056/https://beforesan...