Can I keep the Dropbox app installed alongside Storage Studio?
Short answer: Yes. The Dropbox app syncs its own folder while Storage Studio talks to your account directly. They don't interfere; you may just see your files in two places in Finder, which you can hide in the Cloud Drive tab.
Yes. The Dropbox app keeps its own synced folder; Storage Studio connects to your account directly for transfers, backups and its Finder location. They work side by side without interfering.
You might see your Dropbox files both under Dropbox in Finder's sidebar and inside the Storage Studio location. To avoid that, hide the account from the Storage Studio location in the Cloud Drive tab — see hiding an account.