Any guitar can be used to play ANY song - the 'music' is the most 'important' and a 'guitar' is a tool to get your 'music' out to your audience. It doesn't matter if its played on an expensive or cheap instrument, with SC's or HB's etc - its just a 'different' tone, a different flavour to the 'notes', the melody etc. As long as the instrument is stable, stays in tune, and you can play it in time, the rest is pretty much personal preference.
Obviously, the MEv and Studio have some 'similar' options when taking 'generally', both have HB's and SC tones, but one has 'more' tonal options than the other. Both could be used to play the 'SAME' songs, even if the result sounds different due to different Pups - but not really different enough that one sounds 'amazing' in a Mix and the other sounds 'Awful' and I bet your audience won't notice - especially in a Mix.
To me, it comes down to whether YOU would prefer a guitar that offers '17' potential pickup selection choices or just '7'. They have 'different' pups, so will sound 'different' when compared dry side by side, but when you have your Amp dialed in and whatever Pedals you like, in a mix with Bass, Drums, Keys/Rhythm, Vocals etc), it really doesn't matter so much.
As I said, what matters most is the 'music'. That's what your audience will respond to and won't really 'care' as long as the 'music' is good (everyone in tune and in time with each other) and you are playing confidently. It doesn't matter if I prefer the 'MEv' because it offers basically the same range of options, albeit in a slightly different 'flavour' (B, B+M, M, M+N, N - where the Bridge can be either HB or SC) - but also have '10' more tonal choices as I can use ALL 3 pickups and both Neck/Bridge Pups (like a Les Paul) together and 'each' 1 of the pick-up selection positions offers 'multiple' sounds. Whether I 'prefer' the NF's to MEv's 'Single Coil' sounds is irrelevant, I do, but I'd still prefer to have the MEv over a Studio because the MEv has 'more' options, in a mix, it will still sound AMAZING. If I want some 'double HB tones, or HB neck tones, I can't get those from a Studio but I can get HSS tones from a MEv.
That being said, if I was 'recording' and wanted the NF tones in the Studio specifically, I'd certainly get a Studio.
I don't have 'either' right now myself - that's mostly because I have a hard time justifying 'either' right now as I have a 509 (can be set to HSS or SSS like the Studio) and that does give me a 'middle' Pup if I want a SC middle tone and I also have a Special Semi-Hollow - Also can be HSS and has a NF middle (although can't be used on its own). As I am not 'recording' or 'gigging', It's hard to justify a 'different' flavour that's not really going to make a 'huge' difference to the music.
The point I am trying to make is that 'my' preferences and opinions are 'worthless' to you because your preferences, needs/wants etc could be very different to mine. You may find the Studio to be the 'better' option for you, suits your playing style, your music, your 'band', your Amp/pedals etc better. At the end of the day, as long as the Music is the most important factor, the 'tool' you use to make it is just your preference. If you are 'happy', chances are your audience will be too regardless of which Guitar you are using (as long as its in tune and comfortable for you to play).