I've never once ever looked at an engineering applicant's "portfolio" and I haven't heard any colleagues at other companies doing so, either.
I've looked at a very small number of them, when the person asked to have it looked at, and only AFTER they have made it to the short stack.
There is usually no time to look at them when they are still in the big stack. The goal is to get from 100 or 200 or more down to around 10. Pruning the first stack is brutal. There are many people who have both a degree AND industry experience, so unless we are creating a position specifically to pick up some entry level or intern-type workers, there just isn't time to see how awesome your portfolio is.
There are some times (rarely) where I'll see something that catches my eye and I'll move it to the small stack.
One of them, a decade ago and very memorable, was a recent graduate. He made a game for a senior project. Half of his resume was devoted to the project, including headlining that his senior project was sponsored by both Microsoft and NVidia, and submitted to assorted big competitions. And he was the local SIGDA president, and had picked up GDC scholarship. So I took the bait and looked at it.
The name was memorable ("Modern Warfare") and a few seconds on Google shows the program (100MB download, back in an era when that needed a serious warning) is still up, along with the web page for the senior project.
If you look at the game and realize this was his senior project back in 2003, you'll understand how he managed to get multiple job offers from that little senior project.
The hard part is making it to the short list.
Once you've made the short list, if you think your demo is awesome enough to be shown, then push the issue.