It's hard to tell. Alekhine clearly possessed more talent than Botvinnik, whereas Botvinnik worked harder and more systematically, I think that Alekhine's playing strength would be neutralized by Botvinnik's opening preparation - he would choose lines that would not suit Alekhine (we have to bear in mind that even in the match with Bogolubov in 1929 Alekhine had problems in the opening, let alone in the match with Euwe.)
What if...
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We have done to death the "What if Fischer played Karpov?" Loads of topics on here about that. The one I cannot find too much on is:
"What if Alekhine played Botvinik?"
My money is on Alekhine (especially the first few times). Eventually Alekhine's age and Botvinik's improvements would defeat him, but in the beginning Alekhine would school him..... opinions would be welcome....