A lock-off studio just means it adjoins a "lock-off" 1BR and the two together can be used as a 2BR villa by unlocking the door between the 2 rooms.
There are no dedicated studios at VWL. There are some dedicated 2BR villas however.
At BWV, there are some dedicated studios- called Studio-Plus which have a day-bed in addition to the queen and sleep sofa.
A lock-off is NOT an inferior room at all. You will have a patio/balcony and all other amenities of any other studio.
Enjoy!