Can I use Google Drive for desktop and Storage Studio at the same time?
Short answer: Yes. Google Drive for desktop syncs its own folder; Storage Studio talks to your account directly for transfers, backups and its Finder location. They don't interfere, though you may see the same files in two places in Finder.
Yes. They work independently. Google Drive for desktop keeps its own folder in Finder and syncs it; Storage Studio connects to your account directly for transfers, backups and its own Storage Studio Finder location. Neither changes how the other behaves.
You may see the same files in two places in Finder's sidebar — once under Google Drive and once inside the Storage Studio location. That's expected. If you'd rather not see it twice, hide that account from the Storage Studio location in the Cloud Drive tab — see hiding an account.