If I'm reading the documentation correctly, it seems I lose whatever port I choose as the master port.
This is just a misunderstanding from the way it is described in the documentation. Maybe a revision of that description is in order, since it is misleading.
I had the same doubts when I first read the documents, and that text it hasn't changed for years.
Just the quote from the wiki:
A 'master' port will be the port through which the RouterOS will communicate to all ports in the group. Interfaces for which the 'master' port is specified become inactive - no traffic is received on them and no traffic can be sent out.
It should read something like:
The 'master' port becomes a name placeholder for the whole port group through which RouterOS communicates with all ports in that group. Slave ports of that groups can not be directly accessed by RouterOS, except for attaching VLAN interfaces to a slave port.
(On some specific models like the CRS series, more advanced switch chip functions are available in the Switch menu)