I have Android studio on me USB drive so I can use it on any windows computer without having to install it every time, and I've specified the paths to reference files on the drive itself. the problem is, I wrote the paths using the drive letter (E:/example/path) and then I realized that it changes sometimes depending on the computer it's plugged into, so my question is, instead of using the drive letter, can the drive's name that I set be used in the path too? (driveName:/example/path)

I don't believe so although I have little experience with Android Studio. You could set up a batch file on the USB drive that would set an environment variable before starting Android Studio. You should be able to specify that environment variable in the A.S. configuration.