Will that software actually perform better if I use a newer/better
compiler?
This entirely depends on if work is done to the code optimization feature, of the compiler, in a given release.
For instance, right now I use the Mac OS X system version of Clang,
and it's been suggested that I use a later version instead.
You should stick with the same compiler version that you know works, unless you need a feature, that exists only in a later version. Unless you know a later version does something more effective you should not upgrade.
Is that just a suggestion to save me time and memory during
compilation?
The suggestion honestly seems 100% opionion based. If you trust the person that provided this suggestion then you should take it.
I should point out that a compiler, is software, and newer versions can introduce new bugs which result in worst performance in the optimization routinue. You should seek a balance, the best way to do this, is always use the stable release build.
1For the person voting to close as "belongs on SO": this is not a development-related question; this is asking from a user's perspective (note: there are many OSes and software packages that expect the user to compile from source). It would be off-topic on SO, and is on-topic on SU; close reasons are far more nuanced than "he mentioned compiling!". – Bob – 2015-06-10T14:26:04.180
1@Bob thank you. I had actually written this on StackOverflow originally, and then decided to post it here instead – shadowtalker – 2015-06-10T14:26:51.380
@fixer1234 I've specifically added C and C++ to the title and tags – shadowtalker – 2015-06-10T15:13:56.197
@fixer1234 you're reading way too far into the question. If the answer is "there's no good answer" then so be it – shadowtalker – 2015-06-10T15:46:33.100