Yes, airport security profiling is an effective strategy, because it allows airport security personnel to save time by screening the people who are most likely to be targets. Without profiling, we all get harassed, when it is really only necessary to harass some of us. It would be less effective and nicer to the public to only bother those who are suspicious.
Racial profiling is not an effective strategy, because there's no guarantee that terrorists will always fit the same ethnic or racial profile. In fact, airport profiling could lead to increased security risk, because while security is so busy scrutinizing travelers who happen to fit a particular nationality or race, someone who doesn't fit the profile would be able to easily fly under the radar.