Fluting makes a gun stand out, but it also cools faster than a smooth barrel of the same weight. If a barrel cools faster, it also heats up faster because there's less metal involved.

Does barrel fluting affect accuracy?

By all accounts, fluting a barrel has little effect accuracy, either positive or negative. If done properly by a skilled gunsmith, fluting may lighten your rifle a bit, and it may have a subtle impact on the rifle's accuracy, possibly a positive one.

What is the point of barrel fluting?

The main purpose of fluting is to reduce weight, and to a lesser extent increase rigidity for a given total weight or increase surface area to make the barrels less susceptible for overheating for a given total weight.