A few weeks ago I bought two new Apple Studio Displays to use with a 16" M1 Max MBP in clamshell mode. I noticed the fans were running in both Studio Displays one morning before I woke the MBP up for the start of the day. Both displays and Mac were ice cold, yet both fans in both displays were blowing air out the top. Didn't seem right. I monitored the issue for a few days and noticed that the fans actually run 24/7 when connected to my sleeping Mac.
I called Apple tech support, but they weren't aware of an issue. They suggested I take the displays to an Apple Store to have them looked at. When I read there were others having the same issue going back to March and April but the issue wasn't addressed by Apple yet, I just decided to return both displays altogether. It does seem like something that is fixable through a software update, but then why hasn't anything been done yet? Maybe Apple intends the fans to work as they do, I don't know. Doesn't make sense if they do, though. Its more dust and wear on the fans.