Literal physical torture by hellfire is not likely even if there is a place of eternal punishment.
Ultimately both sides; those that deny hell exists, and those that say it does exist have compelling biblical support.
For those that say it does exist there are a few passages that make it necessary which is why I agree with them more.
At Matt. 25:41 Jesus describes the eternal destiny of the damned as a literal place that was created for the devil and his angels. You can't really prepare a state of nonexistence beforehand. Those cocepts clash. You can prepare a place though.
At Rev 22:14 Jesus speaks of the Saints going into the Holy City after the final Judgement but with reference to the city Jesus says that those who practice sin (or the damned) are still existing only outside of the city. By this point they should not exist if they weren't going to exist. The second death should have happened already. So it seems the second death is still further separation from God -- the ultimate separation while still existing.
At Rev 14:10-11 John describes those who recieve the mark of the beast as being tormented by fire and sulphur and that "the smoke of their torment" ascends forever and ever. Also they recieve no rest day or night. This seems to refer to their ultimate destiny and that they will never rest from torment. In the armageddon account nothing like this is described so it is most likely the lake of fire which is described as fire and sulphur also.
there are plenty of scriptures that seem to speak of the eternal punishment as not literally "hellfire." At Jude 13 Jude says that for the damned, 'blackest darkness' (NIV) or 'blackness of darkness' (NWT) (not sure which one is better although NWT had a nice ring their) has been reserved forever. Some would say this is annihilation describing what the annihilated would experience. The problem is he should have just said nonexistence has been reserved forever. If you don't exist you can't experience blackest darkness or the blackness of darkness.
I only see one scripture in which the eternal punishment could be said to be annihilation. At Matt. 10:28 Jesus to be afraid of the One who can destroy both body and soul in hell. It may sound like annihilation is being described but with reference to the One Jesus uses the word destroy and with reference to "those" he uses the word kill. It curious to note he did not use equal terminology.
I think the body of NT scriputre shows an eternal state of existence for the damned although you can't rule out annihilation universally. It does not seem to be a literal physical burning torment in light of scriptures like Jude 13. Either way I think ultimately it is a toss up if you are sola scriptura. I just wonder why so many cults can't stand the idea of hell in any form but the people who are right about the rest of the bible for the most part don't agree with the cults on that doctrine.
It could be that the cults are so legalistic they themselves are afraid they may suffer the second death and just want to get a break and not exist. Otherwise they might not be able to be so legalistic and make it so hard to get salvation if they are so at risk of going to hell.
They also like to be really really exclusive and make salvation dependent on ridiculous nuances that no one else would or not many have come up with to make them the only true people of God. Something that is very stupid but even dumber if they stick to the hell teaching.