Is oil filter orientation important?

I'm about to relocate my oil filter which in its original place is a bit of a pain to change and it helps to add 2 additional sensors.

When doing so, do I need to consider the orientation the oil filter is at? Hanging down, pointing up or to the side. Or it does not matter and I can do what's most convenient and space efficient?

If hanging down you can pre-fill it if you have concerns about starving the engine on start up.

It's also a lot cleaner, as the filter won't drain as you unscrew it - there may still be some leakage from the lines, though, so perhaps a few minutes making up a 'drain tray' to slip under it for changes and direct the drainage to a drain tray, if needed, may be a good idea?

But when strictly speaking about oil filtration, can the orientation of the filter reduce or enhance its effectiveness?

I guess there will be a small reduction as air is bled out if it's inverted?