See my post, I’m maxing the TB4 bandwidth with that setup.
It means your external drive will show as internal, when connected to Mac. Some people don’t like to see the drive icon on the desktop, personally I don’t like to hide the drive unless it is mounted inside the Mac, which this is not possible on Studio.
My drive appears as external, whether it's plugged into the front port (USB4) or rear (TB4) on my Max Studio. This screenshot is from the TB4 port, with an OWC TB4 cable.