I have constant matrices $A$,$S$ & $B$
$$(A'SA)^{-1}A'SB$$
Can I simplify to $(A'A)^{-1}S^{-1}SA'B$, where $S^{-1}S = I$ and therefore drops out?
No you cannot, at least not directly.
Hint: for invertible (and compatible) matrices $A,B$, we have $(AB)^{-1} = B^{-1}A^{-1}$. Likewise, we can show $(ABC)^{-1} = C^{-1}B^{-1}A^{-1}$. That is, ${}^{-1}$ reverses the order of multiplication.
In general, $AB \neq BA$, and thus $(AB)^{-1} \neq A^{-1}B^{-1}$.
Not sure what your driving at here, but if you note that
$(A'SA)^{-1} = A^{-1}S^{-1}A'^{-1}, \tag{1}$
and substitute this back into $(A'SA)^{-1}A'SB$ you obtain
$(A'SA)^{-1}A'SB = A^{-1}S^{-1}A'^{-1}A'SB= A^{-1}S^{-1}SB = A^{-1}B, \tag{2}$
and that's about as far as I can take it. Not that $S$ still drops out, as does $A'$. I assume $A$ and $S$ are invertible, hence is $A'$, which I take to be the transpose of $A$.