I guess that depends on the specific profile... ATM I don't own a merged profile equivalent to the studio profile I'm using live, so in my case I can say the cabs off version of that studio profile through my 4x12 satisfies me enough not to look for a merged version... but maybe I should anyway!
I suppose I did have this luxury when I bought my first commercial profile from Top Jimi. It contained both Studio and merged profiles of the same amps/settings. The merged profiles sound more organic to me. After comparing them to the studio profiles, the studio versions come across a bit more buzzy/electronic sounding. I had issues with studio profiles through a guitar cab not cutting the mix. the merged profiles FEEL like a real amp.
This being said, it also comes down to who is doing the profiling. I tried some DI profiles off the exchange that were pretty terrible sounding, and nothing has compared to the TJ profiles I have purchased so far. The only reason I haven't purchased more is because I will tweak my live rig endlessly if I give myself too many options...