The classic, olde-fashioned aproach used on our summer camp porch:
Short solid wall, screen above.
Large interior shutters, hinged at the top, ropes at the bottom, run over pulleys up in the roof, attached to cleats. Given purpose and era, those had small windows in them - you are looking for larger windows, principle would be the same, but you might want them a bit narrower if using glass (due to weight). Plastic glazing (polycarbonate twin-wall) would be much lighter - good plant light, not so good for views, not fragile.
The shutters were pulled up into the roof when summer came, and left there unless there were bad storms. The two at the corner overlapped and were rigged so that one went up first and the other had to follow it, or they wouldn't go. When they were down, a toggle at the bottom kept them from blowing and flapping about.
It's more fiddly to build than removable glass, but does simplify storage quite a bit. Height of shutter/window that opens can't be more than width of porch (but the solid wall portion could be glazed.)
On the third hand, if there's a good portion of non-window-area house wall on the back, you could store removable windows there against the house wall.
Responding to comment: I cannot find a picture of the old, simple system. The picture I can find that's closest is this more complicated bi-fold system, but if you imagine it with a single, unhinged window panel, and ropes/pulleys it's pretty close - it would just cover more ceiling, and be easier to build.
Best Answer
Sure, snow insulates if it's air tight. Seems like plenty of space between the snow and window for fierce windchill to set in.
Assuming the window is at least double-pane and doing it's job with argon gas then there is not much benefit to having the snow there.
Consider this, the snow will melt and re-freeze several times throughout the season so you're better off preventing the melt from infiltrating the window frame and re-freezing. The sash might not rot but ice doesn't care about the material; water will freeze, expand, and damage, period.
Additionally, don't forget that your window is constantly losing heat and causing this melt-freeze cycle. The weather doesn't have to be above 32F in order for that snow to melt.