The OP asked why studs are better, and the reason is that the thread engagement is between the nut and the stud, and that remains constant as the nut is torqued down. With bolts, the thread engagement is between the bolt and the block, and as the bolt is torqued down more bolt thread engages with the block threads and the thread resistance changes. This results in more uncertainty in the final clamping force, which is what you are trying to make as even as possible. This is also why the torque value is sensitive to the lube used on the threads.
A modern engine uses torque-to-yield bolts, since this approach results in a more even final clamping force than you can ever hope to get with a torque-only approach using studs or bolts. Welcome to 1980.