The answer, my friend, is blowing in the wind....
Aerodynamic lift is caused by asymmetric airflow over a body*. A brick with asymmetric airflow over it will produce lift. So will a bullet. Asymmetric airflow causes the air to increase velocity on one side of the body, and this increase in velocity will cause a drop in pressure. That force is what we call aerodynamic lift. Lift can be to left or right, it can be up or down. That is how fighter jets can pull negative Gs.
A bullet, or any other symmetrical body moving through a fluid at 0 yaw (or angle of attack), will not produce lift. However, the instant its nose moves up or down, side to side, the airflow will become asymmetric, and a force will be generated pushing the bullet toward the direction of its nose. This force will act as a point force through a point known as the center of pressure (CP). For a standard NACA symmetric airfoil the CP is at 1/4 cord. For a bullet the shape of the ogive determines the exact point along the length where the CP is located, but it is generally located in the forward half of the body.
However, according to Newton there is the law of inertia, things like to stay the way there are.
Our bullet has developed a slight yaw in its flight, and now has a force acting upon it, and because of inertia the bullet wishes not move. However, the center of gravity (CG) of the bullet is behind the CP, so a moment has now formed. This is called the overturning moment, the actual value of the force is dependent on the angle of yaw. You can calculate the overturning moment for any bullet and any yaw angle in a wind tunnel.
If unchecked the overturning moment will... well... overturn the bullet, and it will begin to tumble.
To keep the overturning moment in check you need to stabilize the bullet. You could put fins on it, as they do for tank projectiles, or, you can do it through gyroscopic means by spinning the bullet. The gyroscopic effect will push the nose of the bullet back toward the zero yaw position.
If the gyroscopic force is sufficient to over come the overturning moment, the bullet is said to be statically stable. This is (relatively) easily calculated by many on line 'stability' calculators, that assume many things, namely the actual value of overturning moment, and the actual locations of the CG and CP. Which is why they always caveat their static stability factor at 1.5 or 1.4 for stability. In reality, if the static stability factor is above 1.00, the bullet is stable, but since they are assuming so much, they give themselves 40% to 50% 'wiggle room'.
But then again, inertia rears its head again and once the nose is put in motion it wants to stay in motion, and the gyroscopic force tends to cause an overshoot of the zero yaw position and the bullet's nose will yaw again in the opposite direction, and the whole gyroscopic thing starts over again.
At this point, three things can happen, 1) each time the nose yaws the gyroscopic force pushes it back and the magnitude of the yaw decreases with each cycle (dynamically stable), 2) the magnitude of the yaw remains the same through each cycle (dynamically neutral), or 3) the magnitude of the yaw increases with each cycle (dynamically unstable).
Calculating dynamic stability is much more complicated (and easier done by watching the bullet in question during its flight) than static stability. Also because there are so many more variables involved, dynamic stability can change over the flight of a bullet. Some bullet designs leave the muzzle in a condition of dynamic instability and calm down to be dynamically neutral or stable down range. (The M193 bullet is dynamically neutral through all of its flight, see the above trace of the nose, note that the maximum yaw angle does not decrease.)
So, the answer to the OP's question is, yes aerodyamic lift is created, HOWEVER, as noted above, lift does not always mean "toward the sky", so no, they do not gain altitude, and because the gyroscopic forces on the bullet are always pushing the bullet nose back and forth, the lift vector is also moving back and forth (actually it pushes in in a circle, but that's for later), so the net result is the yaw angle lift forces over time tend to cancel out and the bullet travels pretty much exactly along a point mass trajectory (if there are no cross winds, of course).
The Magnus effect has been well covered, so we'll leave it at that.