Can the Mac Studio stand on the desk on its narrow side ? won't this affect the cooling negatively ?

The Mac Studio uses fan-forced airflow. Its cooling does not rely on the 'chimney effect' for better cooling.

One user reported perfectly adequate results in placing the unit upside down (nothing obstructing the "bottom" air intake) and reported that since the Wi-Fi antenna is on the bottom, they felt their Wi-Fi reception improved as well.

If you choose to do this, PLEASE post your results, good or bad, to benefit everyone in the community.

I cannot imagine any hardware that would be impacted inside the unit if at a different angle. As long as the air intake is not blocked (which is on the bottom) it should be fine.

I wouldn't do it for the reason you stated.