Would a CIPD degree, MBA or Masters in HR be more useful if I were to pursue a career in HR/Recruitment?

If you decide to pursue a career in HR/ Recruitment, a professional qualification in HR will surely prove beneficial.
Nowadays many employers insist on a CIPD qualification for HR positions whilst others ask for a relevant qualification in HR.
Before deciding what you would like to pursue, it might help to ask yourself a few questions: Do you have experience in HR? What is your current level of knowledge in HR? What are your career aspirations in HR? The CIPD programme is designed to provide students with a good understanding of HRM and also gears them with the essential skills & competencies required to deal with HR practices in an organization.
An MBA gives you knowledge about all aspects of business and you can decide on what you would like to specialize in, i.e.
HR, Marketing, Finance, etc.
A Masters degree in HR will give you a glimpse into all the nuances of the HR profession.
I would recommend understanding the details of each and then making a decision.

It is better if you have both

 1st try to have proper degree in the profession where you would like to excel and then get some experience and then decided about certification either CIPD or SPHR. As CIPD offers multiple certification based on candidate background and experience.