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If I have a Portfolio Plan calculated with Sprint allocations, and I commit the changes to JIRA, it puts the backlog issues into planned/future Sprints on the JIRA Scrum board side to match the Portfolio. If the team then moves the story on their JIRA Scrum Board to a later or earlier Sprint, will this update be automatically reflected back on the Portfolio side?
Yes, the data portfolio side should be reflecting what you are setting Jira side, but some operations require a calculation to fully update.
When you commit data in Portfolio you are verifying a write operation to jira and when you view a Live plan in Portfolio portfolio you're asking for a read from Jria's live data set, and then when you run a calculate you are requesting the portfolio specific data lines up with any updates to the Jira data and re-runs the scheduling algorithm to define the projected scope.