Hi there, @lbright ...
I guess I hadn't thought of Studio as being used for podcasting. All the Guides for Studio can be found at this location:
Studio - Instructure Community (canvaslms.com)
Studio is mainly used for either uploading your own created videos or audio files to your Studio library...or you can add videos from YouTube or Vimeo to your Studio library. Then, you can embed those Studio library items into your courses so that students can consume them. As an instructor, you can do things like add text annotations, add quizzes, see insights, etc. on this media.
Studio also has a webcam capture feature as well as a screen capture feature. The webcam feature is pretty much just that...to record yourself. The screen capture tool, however, allows you to record a screen capture of what you want to show your students. There is an online editor within this interface. I've used it, but it's pretty klunky (IMHO), and to get back to any recordings that haven't been completely saved is even more klunky. And, once you've completely finalized your screen capture so that it has been added to your Studio library, I've not found any way to re-edit it without re-creating the entire thing. There is a bit of a learning curve with the online editing tools that are available.
Students have access to their own Studio library as well, and they can do much of the same things I've described above. But, I'm not sure if using Studio for podcasting would be the most ideal...especially if it is a new thing that your students haven't used before for assignments. I'm not saying that Studio couldn't be used for podcasting (coming up with some creative ways to use it), but I'd recommend seeing if you can test out the features of Studio first to see if it would fit for your podcasting needs.
This is just my $0.02 for now...I hope it has helped in some way.