I don't think so. Have you tried to open the standalone version or install it normally to check?
P.s: It's not recommended to use the portable version of Electrum.
Source;
Actually what ThomasV is saying is that users may tend to get portable Electrum onto infected computers and
that will be a problem.
Don't get me wrong: I am not saying that a portable build is by itself more dangerous than a non-portable version.
Now about the original question:
I made a test for you and I reproduced the problem. And I have a fix too. From
electrum_data move away all the folders except
wallets. Electrum portable 3.1.1 will start. You will have to select your wallet again.