If this question relates to making a wider panel from narrower boards I think it's less to do with adhesive type choice and significantly more to do with good edge preparation and firm clamping pressure to close the gap, plus being able where you can, to create an 'ideal' or seamless grain match at the joint line. The latter option is relatively rare there usually being something in the grain pattern to give away the position of the joint line.
If you're talking about shoulder lines such as those where tenon shoulders meet the morticed member's face, again, I think the adhesive is generally less important than the match at the shoulder line.
Apart from my comments above, in my opinion white PVA or an aliphatic resin type would be a good choice. Slainte.