Yes, profiling is a necessary and important tool for law enforcement to utilize to do their jobs; however, there is no hard evidence to say that it is effective, justified, or fair to base it on race. Israel trains its personnel to profile individuals based on outward behavioral indicators (nervousness,faulty stories, etc.), a technique the TSA has tried to adopt, in order to spot would-be criminals in public. With extensive training, this can be a very effective way to productively profile a person and determine if further investigation is required.
Racial profiling is anything but effective. Crime rates and drug levels (both using and selling) are roughly equal between all races; however, the dangerous stereotype of the "black criminal" continues with disastrous consequences. This bias has resulted in a hyperfocus of unjustified law enforcement activity around African Americans (such as pretext stops by cops, unnecessary stop and frisk laws, etc. ) and a massive racial disparity in incarceration levels (if you have any doubts, look to Michelle Alexander's The New Jim Crow). Racial profiling hasn't made us any safer, but it has had a tremendously negative effective on African American communities.