Rack of this studio? Probably not. Just do the same thing folks do with Mini. Tilt it on its side and put several brackets to lock them into place on a shelf.
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This Studio is about 4" tall. The Mini is about 1.4" tall. if use one Studio for every three Mini on a shelf in picture above about 8 per shelf on that rack. There are 10 shelves on front side of that rack so 80 Studio's per side. Not quite as good as several hundred Minis but that is still alot more than would get with 1U pizza boxes in a standard height rack.
I would be easier on the infrastructure to just replace a Mini with the same case but a M1 Pro/Max inside. That would be better density.
But this really only works for macOS hosting. Cloud hosting of Windows/Linux images with lots of multitenant virtual machines on individual nodes; neither Mini or Studio would be good at the hyperscale. The missing ability to put in a DPU/IPU virtual storage network card is a liability.