Porting...
In short, it can make a difference sometimes.
For instance, I have this S&W PC 629-5 with a removable front end to change out the compensator for an un-compensated barrel. (I realize you asked about porting, and I'm talking about compensators; but they do the same thing, just differently)
As an experiment, I tried several loads both with and without the comp to get a feel for "is it worth it".
For cowboy and special loads, there was almost no difference in felt recoil or muzzle lift. But as the velocity increased into magnum territory, the recoil level increased dramatically in the un-comped set up. With the compensator screwed in, the felt recoil was much milder than not, allowing better follow-ups and longer shooting strings.
This comes at a price however (as mentioned above), muzzle blast is more pronounced (for the blast shy), and jacketed bullets are highly recommended.
Whether it's worth it for you is a personal decision, but this has become one of my favorite range "What kind of cannon is that!?!" guns.
-LeadPumper