Source: https://www.tumblr.com/belenleoxses/184850413361/both-botw-cover-art-locations

1:1 copypaste in case you don't want to click on an offsite link:

Both BOTW cover art locations

Today I tried to solve this doubt to a member of the BOTW subreddit, and since I don't know if someone has already done this or not, I wanted to share my assumptions after taking a look at the game's map!

EU COVER:

I believe the location Link is at in this picture is the nothern mountain of the Dueling Peaks (CORRECTION: User ConfirmOriginOfFire on reddit checked and pointed out it's the southern one, not the nothern), since it's located in kind of a middle point between Death Mountain and Hyrule Castle, and you can see that small swamp between Bosh Kala shrine and Hila Rao shrine on the left, and the mountains surrounding Kakariko village on the right.

SCREENSHOTS:

This is the view from the Nothern Mountain/Peak. As I said originally, it could also be a possible location for this cover, because all of the referential places appear on the frame, however all of them are much closer to Link than in the cover picture, and part of Kakariko Village's mountains are out of the frame due to that closeness, so even though it's similar, it's not exactly the same view as in the cover.

This is the view from the Southern Mountain/Peak. It fits much better than the Nothern Peak's view (Thanks reddit user ConfirmOriginOfFire for pointing it out!) since the distance between Link and the referential places is very similar to the cover's one, and even the edge where Link is standing looks the same as the one in the cover (Except for the grass on it), so Dueling Peaks' Southern Mountain is almost for sure the location featured in BOTW's EU cover.

US/JAPAN COVER:

In this picture I think Link is at Satori Mountain, because Hyrule Castle is almost aligned with Death Mountain, this last one being a little bit to the right, which means Link is at the Southwestern area of the map, and since the rainy area next to Hyrule Ridge and the Ridgeland tower are very close to him and to his left, the location of this cover is most certainly Satori Mountain.

SCREENSHOTS:

This is the view from the top of Satori Mountain. Even though the rock where Link is standing on the cover is absent (As user ConfirmOriginOfFire pointed out in the comments), the view from Satori Mountain is the most similar to this cover art's since it has both Hyrule Castle and Death Mountain aligned (Although the bridge that appears on the cover is absent too (CORRECTION: The bridge is not absent, the one on the cover would be the stone bridge/passage right next to Mount Gustaf, it is just that in this screenshot it isn't aligned with Hyrule Castle and Death Mountain so it's not very visible. As reddit user Edgarska pointed out in the comments, the picture would be more accurate to the cover if it was taken from a lower, more nothern area of Satori Mountain, such as the apple orchard, instead of the top)) and the rainy area from Hyrule Ridge near Link and to his left, so Satori Mountain is almost for sure the location featured in BOTW's US/Japan cover, although the top of it isn't the most likely spot.

*This is the view from Satori Mountain's apple orchard. As reddit user Edgarska pointed out in the comments, this view fits much better for the cover than the one on the very top of the mountain, since Mount Gustaf's stone passage is also aligned with Hyrule Castle and Death Mountain, just like in the cover. The only cons for this location would be the absence of the rock where Link is standing (Which is also absent in the previous location) and the fact that Hyrule Ridge's rainy area stays a bit out of the frame because Link is on a lower point of the mountain now, but that's a matter of the game's vision width so it's not a big deal.

So instead of the top of the mountain, we can conclude that Satori Mountain's apple orchard is almost for sure the location featured in BOTW's US/Japan cover.*

This is the view from what I call Satori Mountain's dueling peaks. While I was heading to the apple orchard from the top of the mountain I thought about taking a look to the view from that area where there's 2 little peaks next to each other (The left one having some rocks at the top), you can see the exact location on the minimap at the bottom-right of the screenshot, for reference, the pot icon would be the apple orchard. The view from this spot isn't exactly like the cover's because Mount Gustaf's stone passage isn't as well-aligned with Hyrule Castle and Death Mountain as it is from the apple orchard, but since it is actually similar, and it also had a nice rock for Link to stand on, I thought this would be an interesting location to point out!

Disclaimer: I am not the author. The original source is linked at the top.