It largely depends upon the site but I would say that in general it isn't good UX to have content change each time the page is refreshed for the following reasons...
Most everyone suffers from a condition known as change blindness
People might not even notice the change unless the view is drastically different after the page refresh. If one minor component updates with slightly different content then it is hard to even notice. Drastic changes, on the other hand, could knock a user off balance (Where did the search input go? Am I still on google.com?)
Here is an online test you can take where two images refresh with only one change between the two and it measures how fast users can notice the thing that is different.
The most important content should be shown first
If the user refreshes the page and something less important is replaced with something more important than this is totally okay and expected in certain situations such as news feeds, email, twitter, etc. If the content changes every single page refresh then it no longer feels like the most important information is always being presented first.
It's hard for a user to discover this interaction
The final reason that changing content on each page refresh is not a good user experience is that the feature is hard to find. If you really want to show random projects then add an action button that says "Show another example" so the user understands the result of their action.
Showing random content on each page refresh doesn't inform the user what is happening.
How can a user know that what they really want to see is 1 or even 10 page refreshes away?.