In the studio era, an option contract allowed an actor to drop an "option" and choose to move to another studio after their contract expired

False

Explanation:

An option contract is signed between a film or show producer and the script author or the actor/actress involved in a film or show production.

An option contract with a script writer gives the producer the option to buy the rights to produce a film or show using the script.

An option contract with an actor/actress gives the producer the option to hire the actor/actress for a film or a series of shows, and for future films and shows involving subsequent seasons, e.g. movie sequels.