Holding up the starter is certainly a bonus. However, the real reason for a stud is that it is impossible to use a bolt in that position. You cannot get a bolt with the same amount of threads as the stud into the hole. Access is blocked by the switch.
Yepp. Even on the later ones with the big solenoid on the starter, that stud & nut assembly are snug up against the nosecone. Im glad I can get mine loose, then take the nut off by hand.