It can help you see a lot clearer why things are slow. Though it has its nuissances, it significantly improves your understanding of where time is spent. It's the same data from cProfile, but much better organized.
That tool, combined with the line_profiler (kernprof) can work wonders.
http://bprofile.readthedocs.io
so that you don't have to remember how to call gprof2dot all the time.
That really depends on your hit rate. Say you have a generator returning objects and you don't know if they have an attribute. You can use hasattr(..) to check or just try to use the attribute and catch the AttributeError.
One-on-one the exception is slower, but there comes a point where the exception is rare enough that actively checking every single item is slower. Eg if only 1-in-1000 doesn't have the attribute, just mop up with an exception.
As an aside (since you mentioned generators), I wish exception handling in comprehensions were easier to deal with.
I come from an embedded background, where in some c++ projects, we would disable exceptions for various reasons, including the memory overhead, which is why I ask..
The handlers themselves are pretty basic, an "except SomeError" pretty much translates to "if isinstance(exc, SomeError):".
I'm surprised there's no mention of exceptions. Constructing, throwing, catching, and discarding an exception can be relatively slow (especially in a tight loop). My usual advice is "exceptions should be the exceptional case."
In general, get familiar with inspection tools so your code is easy to measure so you can clean up hotspots. Trying to optimize code without inspecting it often makes code harder to read and may not address the slower-performing parts. Maybe everyone needs to spend hours trying to speed things up just to realize the slow parts were in a different part of the code and now it's harder for the next guy to reason what's going on.