Neither!
"according to the riches of HIS grace, which he lavished upon us, in all wisdom and insight" (Ephesians 1:8; ESV) that God "...gives grace according to the measure of the gift of Christ" (Ephesians 4:7).
"in accordance with the riches of God’s grace that he lavished on us. With all wisdom and understanding" (Ephesians 1:8; NIV) that God "...gives grace according to the measure of the gift of Christ" (Ephesians 4:7).
Therefore NEITHER is implying that we have "...all wisdom and insight" (ESV) or "understanding" (NIV) only "...according to God's grace of the gift of Christ" that He deals in "measure" (Ephesians 4:7).
When a true Christian one has been baptized with the Holy Ghost (I Corinthians 12:11-13) and have "proof" (Mark 16:20) they are a Christian who have been given the "Spiritual gifts" of "wisdom" and "knowledge" (I Corinthians 12:8).
Grace doesn't fall out of a tree just because people believe Jesus died and rose again like MOST today's Christians believe. Everything belongs to God (Isaiah 45:7).
"But unto every one of us is given grace according to the measure of the gift of Christ" (Ephesians 4:7).
Do you see "...according to the measure of the gift of Christ" (Ephesians 4:7)?
What is "the gift" and how are we "measured?"
Romans 6:23 says "The gift is eternal life" and "The Gift" is defined as Holy Spirit baptism in Acts 11:17!
Now that we know "The Gift" is Holy Spirit baptism, how are we "measured?"
"But the LORD said unto Samuel, Look not on his countenance, or on the height of his stature; because I have refused him: for the LORD seeth not as man seeth; for man looketh on the outward appearance, but the LORD looketh on the heart" (I Samuel 16:7).
"Blessed are the pure in heart: for they shall see God" (Matthew 5:8)!
Jesus said in John 15:16
"Ye have not chosen me, but I have chosen you, and ORDAINED you, that ye should go and bring forth fruit, and that your fruit should remain: that whatsoever ye shall ask of the Father in my name, he may give it you."
"Beginning from the baptism of John, unto that same day that he was taken up from us, MUST one be ORDAINED to be a witness with us of his resurrection" (Acts 1:22)!
"For John truly baptized with water; but ye shall be baptized with the Holy Ghost not many days hence" (Acts 1:5).
"But ye shall receive power, after that the Holy Ghost is come upon you: and ye shall be witnesses unto me both in Jerusalem, and in all Judaea, and in Samaria, and unto the uttermost part of the earth" (Acts 1:8).
Consequently we couldn't have been there over 2000 years ago to "...must one be ordained to be a witness of His resurrection" (Acts 1:22) but we "witness His power" (Acts 1:8) that comes upon us" (Acts 1:8) after Holy Spirit baptism (Acts 1:5) which is "His resurrection" (Acts 1:22) since "Christ was raised up by the glory of the Father" (Romans 6:4) and is "His power" (Acts 1:8) we receive after Holy Spirit baptism (Acts 1:5).
Now we know we must "hear" the message in order to "believe" the message from a "sent preacher" (Romans 10:14-15). God subsequently "looks at hearts" (I Samuel 16:7) searching for "a pure heart" (Matthew 5:8) Who gives "the gift" (Romans 6:23) the day "He chooses and ordains us" (John 15:16) when "He baptizes us with the Holy Ghost" (John 1:33; Acts 1:5) and His "power comes upon us to be a witness" (Acts 1:8) of "His resurrection" (Acts 1:22) Who "...gives grace according to the measure of the gift of Christ" (Ephesians 4:7).
Afterwards we receive the "Spiritual gifts" of "wisdom" and "knowledge" (I Corinthians 12:8) after Holy Spirit baptism (I Corinthians 12:13).
6 "To the praise of the glory of HIS grace, wherein he hath made us accepted in the beloved.
7 In whom we have redemption through his blood, the forgiveness of sins, according to the riches of HIS grace;
8 Wherein he hath abounded toward us in all wisdom and prudence;" (Ephesians 1:6-8; KJV) that God "...gives grace according to the measure of the gift of Christ" (Ephesians 4:7).
"For precept must be upon precept, precept upon precept; line upon line, line upon line; here a little, and there a little:" (Isaiah 28:10).
"But God hath revealed them unto us by His Spirit: for the Spirit searcheth all things, yea, the deep things of God.
For what man knoweth the things of a man, save the spirit of man which is in him? even so the things of God knoweth no man, but [by] the Spirit of God" (I Corinthians 2:10-11).