Nope. Italian teams (both clubs and NT) have won a lot more than Portuguese clubs. Id say the only rivalry Italians would have in Europe is perhaps with the French (in NT terms) TBH there's more rivalry between clubs in Italy, what with the intense hatred between certain regions and the north and south of the country.
If say the hatred between Italians and Porkos in Toronto is because both are big ethnic groups in that particular city. There's a similar situation here in Sydney an Melb between Italians and Greeks.