Dust collectors draw a lot of currrent during startup (typically
something like 50-60A at 120V). Running at 240V will cut the current
draw in half, which is generally a good thing, but don't expect to
notice a difference in steady-state performance.
If you want to be scientific about it, measure the line voltage at the
dust collector receptacle during startup and running. As long as the
voltage stays at 110V or above, you're fine as is. If it's sagging
below 110V, changing to 240V would be useful.