Portfolio is designed to help you answer the question 'when you will be able to deliver a given amount of work' in a confident manner. Behind this question are 3 classic PM concepts: scope, resources and time.
When you connect JIRA data with a new Portfolio plan, Portfolio tries to populate these three concepts with data it can deduct from JIRA. Teams (you resources), are a concept that does not formally exist in JIRA, but it is the group of people that actually participates in order to get the work items on your boards/filters/projects done. A team is created in your Portfolio to help you manage the resource part of your plan better.
If you want to know more about how this works, spend 30 minutes of your time to watch the demo videos. You can find them over here:
There is a specific 4 minute video on there dedicated to managing teams specifically.
Good luck and happy planning!
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