Which null-check is preferable?
Optional.ofNullable(port).ifPresent(settings::setPort);
or
if (port != null) {
   settings.         
        In Java, an Optional value is a fusion of a bit that indicates presence or absence, with a value of an arbitrary reference type T or a primitive int, long, or double.
Fusing these is especially useful when returning a value from a method, as methods have only a single return value. It's often necessary to use a special value such as null in the case of reference types, or -1 in the case of int, as a sentinel to indicate the "no-value" case. Using Optional as a return value avoids the problem of the caller accidentally misusing the sentinel value as the real return value.
Given this, line of code such as
Optional.ofNullable(port).ifPresent(settings::setPort);
is strange in that it fuses a value with the present/absent bit in the first part of the line and then immediately separates them in the second part of the line. This adds complexity to what is ultimately a fairly simple task: checking whether port is non-null and conditionally performing some action. The alternative code snippet:
if (port != null) {
    settings.setPort(port);
}
expresses quite clearly exactly what it does.
It's true that the if-statement takes more vertical space than the Optional chain. The Optional chain is denser, but it's also harder to understand: a poor tradeoff.
It is dependent on several factors when to use this. 
If port is a property within the class, probably using Optional is a bit overkill. (and don't useOptionals as property as they are not serializbie)
I think Optionals are great when for example writing a library. 
public Optional<Integer> getPort()
Is much more descriptive for other developers then
// Returns null if not set
public Integer getPort()
Although, the snippet you have posted in the question is just a simple way to avoid the ugly null-check, yet is valid, correct and null-safe. Follow your personal preference in this case.
The real power of Optional are the following methods:
As example, let's say you want to get another value from port to add to the list and avoid the NPE if port is null:
Optional.ofNullable(port).map(port::getSomeValue).ifPresent(settings::setPort);
Moreover, please, avoid the following meaningless substitution of null-check I see often:
if (Optional.ofNullable(port).isPresent()) {
    settings.setPort(port);
}