Seems like Apple has done a great job designing the Mac Studio. Both the M1 Max with it's aluminium heat pipe, and the M1 Ultra with it's copper heat pipe seems to be offering way more cooling capacity than needed. This is great as it will make the fans never spin beyond ~1300 RPM it seems.
I do find it rather strange for Apple to have the fans running at ~1200 RPM idle/minimum. It doesn't look like it's need at all. It almost seems like it could be passive while idle/low load. This can obviously be tuned with upcoming firmware and software updates. Some might also argue that Apple should allow for both the CPU and GPU to draw additional power as it seems like there is so much headroom for the cooler. No real need to limit a desktop system to such a low power usage if you have ample cooling capacity. But it might be that the Apple M1 Max and M1 Ultra doesn't scale all that well with additional power, or Apple simply wants to ensure that the Mac Studio is not going to be noisy regardless of how much load you put on the system.