yes.
I store my NPCs in a folder structure upon creation but than I add them to RW and access them only this way if something changes. That keeps the RW version up to date.
However I am not sure what happens if I merge several portfolios via the "integrate" function - does it keep track of all changes anyway?
Occassionally, I will export the portfolios and overwrite the ones in the folder structure for backup purposes. You can "export" again by opening the .por via realm works, make changes to it, save it, change window to RW, now you are prompted with a popup, you leave the "Save Changes" Box checked and uncheck the "Keep Editing" box. Now you confirm, switch back to herolab and choose "Save As" and a location.
EDIT: the above is of course only necessary if you want to make your backups on the fly when you change something anyway. Otherwise, it is just open via RW -> Save As... -> Close
