To the question if it can
be studied, yes it can.
The real question is can we draw any meanigful conclusions from the data. Thats the heart of the matter.
At present we cant draw any conclusive answers from the data, but then history is replete with that very same scenario.
To use a favourite example, we have been studying the stars for thousands of years, its only recently we are drawing meaningful conclusions, thanks to modern technology and the associated language.
Thousands of years ago, those who studied the stars concluded they were the campfires of the dead, and holes in the sky letting light from the other side in.
They didnt have a periodic table of elements, let alone spectro analysis.
Today we have resolved that question (what are the stars) with meaningful conclusions including the life stage of individual stars , their type , size etc etc.
Thats just one example, there are plenty like it, only recently doctors could only speculate what caused infection, then microbes and bacteria were discovered as the cause.
a doctor in Vienna called Ignaz Semmelweis made a discovery that was very important but not accepted at all at the time
http://www.typesofbacteria.co.uk/how-when-were-bacteria-discovered.html
All to often those who's research and discoverys are laughed at and considered not important or invald, turn out to be right.....................
This same model of observed data, speculation, discovery, understanding applies here with Ufology
Ufologys Semmelweis may be here now, or he/she may not yet be born.
It can be studied, but the conclusions are still anyones guess, but history shows that eventually given enough time, meaningful conclusions/answers will be found, in each of the two examples i cite, new technology played an important role in making that leap from ignorance to knowledge