Coming from the M1 Mini, I did find the fan noise on the Max Studio distracting / annoying. I am however in a very small, quiet room on my own with no traffic noise etc outside. The Mac also sits just under my next right by where I sit. No, it isn't massively loud, but the louder I have has since the 2013 trashcan. Working in audio and music production, I can't hear it that much with headphones on, but just sitting browsing and doing paperwork etc, it was too much for me.
So I grabbed TG Pro and ran a lot of benchmarks and CPU intensive processes with the apple fans speeds and then lowered to 1100 with TG Pro and did the same again. The Apple fan speed, never went up or down once, even when running Cinebench for 20 minutes, the maximum CPU was around 63C and power supply around 41C. I ran the Tomb Raider benchmarks at silly settings for a while as well, and got the same thing with the GPU cores - only ever a difference of around 2 degrees C.
When I ran at 1100rpm, there was a 2 to 3 degrees rise in temperature and that was it, barely any difference at all, apart from the noise be vastly reduced! So, I can't understand why they need to set the minimum at around 1320 - there's just cold air coming out of the back. I mean sitting here typing this that max CPU is 38 with he fan at 1100 - also, there was no difference in idle temps at all between the 2 speeds.
Anyway, to be on the safe side, I have set some rules in TG Pro to increase the speed to 1320 when the temps get above 60, i.e. when doing something CPU intensive - at that point I am not bothered about the fan noise, and it isn't normally for long. But I do have some apps that take up 100% CPU for 5 to 10 minutes when exporting. Also set the same for games when the GPU goes up, after all I won't hear it over the sound of the game.
Also, not sure if Mac Fans Control properly supports the studio yet - mine wasn't't showing any CPU temps, and the Power supply reading for over double that of TG Pro, which says the Studio is fully supported.
Anyway, hopefully this info will be of use to someone. Certainly being able to set the lower fan speed has stopped me seeing it back!