We're seeing the same issue - our Mac Studio Ultra is 0% faster than MBP M1 Max for all our ObjC projects. This isn't an issue with the studio - it's being under utilized it seems by Xcode / clang. We've got a fairly large project, it takes around 200 seconds to compile on a M1 Max and exactly the same time on a Mac Studio Ultra.
What's more annoying to see is that the Mac Studio seems to prefer using the 4 Efficiency cores instead of the Performance cores, even though it's presumably got unlimited power draw compared to the macbook pro. In my opinion I believe the Mac Studio should never need to use the efficiency cores other than for background processing, yet I see the 4 cores utilized (in Activity Monitor) plus a couple of Perc cores, while the rest sit there doing nothing most of the times during compilation.
I've also tried to use a RAM disk to eliminate any I/O delays but I've had minimal overall gains. I would recommend you open a Feedback with Apple (using the Feedback Reporter) as I have too: FB9970366