I don't think so. It might distract other drivers. And that might not be good with a bus full of kids.
Sure as if it helps offset maintenance costs on the Buses and any upgrades so it doesn't cost taxpayers, then go for it but forget the gawdy and obscene ads so keep it within good taste and if it promotes a Business or service that helps the school and students, even better
No, it should not be done with the school buses. Only the name of school and symbol should be allowed on the side of school buses.