Bolt action has nothing to do with the rotation, it is merely a way to feed ammo and strongly seal the breech against the 50,000 psi (average, modern rifles) operating pressure. Other actions include lever, pump, gas-operated, recoil operated etcetera ad infinitum.
The reason the bullet is made to spin is for accuracy. The first rifles (as opposed to muskets, which were smoothbore like a shotgun) were muzzle-loading and used round balls. This means the powder was poured into the barrel and a round lead ball was rammed down the barrel with a ramrod. At the time, a well trained soldier could fire 5 shots a minute with a musket, using a rifle reduced it to about 3 shots a minute as it was harder to ram the ball down the tighter, rifled barrel. The great advantage was that a musket was accurate on a man-sized target at perhaps 50 yards, a rifle out to about 200 yards, this kept increasing until, at the time of the US Civil war, shots were being made out to 400 yards with rifles while muskets were still only accurate at about 50 yards. This is why you see in movies about old wars great masses of men standing in formations all firing at once, just chance would make a whole formation accurate because of huge volleys of fire.
As to your question regarding increase of lethal power, the other poster (s) were correct that it increases accuracy and therefore lethality, and that spinning the bullet uses some of the power that would otherwise add to speed.
As to your real question, I believe it does increase lethality, and here's why: Bullets don't just spin a little bit. A hypothetical bullet with a 1:12 twist (one revolution every 12 inches) traveling at 3000 feet per second (FPS) would be spinning at 3000 revolutions per second, or 180,000 revolutions per minute. This is actually very close to an M16 (AR15) round from a 20 inch barrel.
I believe this contributes to the fragmentation of the bullet within the target, and therefore, greatly to the lethality. I know the energy of rotation is dumped into the target and therefore must contribute to lethality.
This is more pronounced in the higher speed projectiles of rifles, but pistol (also rifled for accuracy) bullets are also affected, I believe the rotation helps fragment the bullet and particularly opens hollow points faster than a non-rotating bullet would.