24-bit files are sold on the promise of more detail. What extra bits actually buy is dynamic range — the gap between the quietest sound a format can carry and the loudest. Set your listening level and how quiet your room is, and see how much of that range you can physically use.
Each bit of depth carries about 6 dB of dynamic range, so 16-bit audio spans roughly 96 dB and 24-bit roughly 144 dB. With dither, 16-bit in practice reaches beyond 100 dB. Your usable range is the gap between your own noise floor and the loudest level you listen at — anything the format offers below the noise in your room is buried before it reaches you.
None of this makes hi-res files useless. Higher bit depth is genuinely valuable during recording and mixing, where headroom protects against clipping across dozens of processing stages. The question this tool answers is narrower: whether the finished file you play at home benefits. Sample rate is a separate argument again, and a more contested one — but it is not what the extra bits are selling.
If a hi-res release sounds better to you, that is usually worth taking seriously, because remasters are frequently mastered with less compression than the CD version. That is a different and often audible improvement — it is just not the bit depth doing the work.