Yeah, that way the blade (iron, actually, Cynthia) can slice your hand instead of the wooden bench top.
Rant on: I wonder who the misguided shop teacher was who first insisted on laying a plane on its side to 'protect' the blade? The blade is made to cut wood, so laying it, blade down, on a wooden bench can't hurt it, and it actually protects it from damage, as well as protecting the user (or a passerby) from damage, too.
Okay, rant off...
Not misguided but intelligent, Bench tops are cluttered with hard solids and shavings of all types and the keen edge can be damaged by substances other than wood. (Screws, filings, grit, brads, sandpaper, & sandpaper grit) Also who wants to plane the bench top. What misguided passerby would slide his/her body across a plane laying on a workbench?
You can argue this till blue in the face but of course I'm right and you will continue to be wrong as long as you wish. Just trying to enlighten a new user before old bad habits are formed. You can continue your errored ways all you want but as for me, the correct tried and true plane placement is preferred.
I know there are a number of misguided supporters for your opinion as well as there is a host of old school fellows who know better. Guess that is the reason there are elections every 4 years, and so many different churches and bars on the block.
If fearful of a passer-by slicing due to contact with an exposed blade, then learn to turn the plane to the wall when you lay it on its side. Simple solution for a minor concern. Natural positioning of the tote when you lay it down on its side is to place it with the blade away from the edge, it would be awkward to turn it toward the passing public as it would require twisting your wrist to do so.
As for designed to slice wood, true it is designed to cut wood introduced to the blade in a slicinng direction but placing the plane with the blade down introduces the wood pressing on the side of the bevel and that thin edge can easily be bent and create a wavy edge, nicks, rolled edges and chips are all possible when the blade contacts the bench or any substance on the bench. Best storage is as you have shown, with the plane on end resting against the back, as it is obviously tilted, the blade is held clear of the storage unit.
Too sad that you were absent or not paying attention when your misguided shop teacher tried to explain this...
I know this debate will go on as long as knuckle draggers still exist (I say this in a comic admiration sort of way) Guess this is why some have gone over to the electric side where thickness planers are hard to turn on their sides. We could (and should) spend endless hours discussing this over a beverage of choice.