Hi, Monkeyleg,
A good question, but the "conventional wisdom" is correct. The reason is the way a handgun recoils. Any gun recoils around its own center of gravity (COG). Most guns recoil upward when fired because the barrel is above the COG of the gun. The actual recoil force is directly opposite the bullet movement (that is straight back along the barrel) but since the barrel is above the COG, its rearward motion translates into a pivoting motion and the barrel rises.
Now because a handgun weighs less than a rifle, its recoil is more severe in terms of gun motion. So when the gun fires, it pivots, and rises. If the shooting hand rises with it, fine, and the sights are designed to compensate for that. But if when the gun rises, its butt hits the bench or a sandbag, its recoil is affected. Also if the front part of the gun is touching a solid surface, vibrations can throw off the recoil enough that accuracy is affected. (This is true for a rifle also; resting the barrel itself rather than the stock changes the point of impact and usually spreads groups.)
Now we encounter another myth, that the bullet leaves the barrel before recoil begins. That is not true. Recoil begins the instant the bullet starts to move, and the gun is recoiling while the bullet is still in the barrel. If recoil is interfered with at this point (butt hitting the bench, for example), the point of impact will change unpredictably.
For those who doubt this, take a normal revolver (an S&W Model 10, say) with fixed sights, and set a ruler on the top of the frame and top of the front sight. You will see that when the sights are lined up, the barrel is actually pointing down! That sight arrangement allows for recoil while the bullet is in the barrel, so that the barrel will be pointing straight when the bullet exits. An oddity of this is that in a handgun, a high velocity bullet will take less time to exit from the barrel and so, all else being equal, will shoot LOWER than a standard velocity bullet. When police changed from standard .38 Special to .38 Special +P+, many instructors had a problem explaining why the new loads shot so low. Some, having no knowledge of the facts, told the trainees that the new ammo was designed to emasculate the bad guys!
Jim