"Will shutting down the macstudio frequently cause any issues?"
"Currently, I have to take the mac studio out for external use very often because I am an intern. Will it cause any issues if I shut it down frequently?"
Be sure to choose ShutDown from the Menu when you want to turn it off, and let it finish shutting down.
Then you should have no issues.
HWTech has suggested that if you push Caps Lock before shutting down, the moment when Caps Lock indicator turns off, it is safe to disconnect.