The first issue: the most important cutting edge is actually on top of the link, a segment curved towards the middle:

The blade on the side is secondary, just for clearing any remains of whatever might have sprung out due to material flexibility.
These links alternate the sides, so that the overhang isn't excessively long but the cut provides a gap wide enough for the entire chain to fit. Otherwise you'd be stuck with a very shallow cut and unable to get anywhere deeper than what the blade sticks above the chain!
Next: Cutting wood with a chainsaw is subject to the same set of rules as any machining; lathe, CNC mill, drill on a boring machine - all the same rules:

There's the blade angle, speeds&feeds, material properties - and there's the cutting depth, which is an important parameter that accounts for power, material durability, chip properties and so on.
And the blade can't be right above the chain, because there would be no room left for the chip! It must be offset from the chain (by the distancer "A") to fit all the material it removes before it exits the cut and can be ejected!