The 32bit floating files have a 24bit signed mantissa (value) and an 8bit signed exponent (scaling factor)
A 24bit mantissa means that 32bit float has the same accuracy as 24bit integer.
The advantage of floating point is that it is unlikely to ever overload, as you would have to overdrive them by approximately 128 x 6dB, which is more than 700dB!
As Cubase supposedly works internally with 32bit floating, the only difference your setting has is how the data is stored. With an integer setting (24 or 16bit), if you do not establish proper gain staging so that any channel NEVER exceeds 0dB, then some clipping will occur in the file for that channel. Actually the file doesn’t know its clipped, because it just has a bunch of maximum values in a row, but you will hear it when playing it back, in or outside Cubase.
Regardless of how the files are stored, any channel directly connected to a DAC will be clipped when the signal at the DAC goes over 0dB. If using 32bit floating for files, the values stored for such channels will still have the correct (non-overloaded) values.
Of course 24bit integer files will be 3/4 the size of 32bit float files.
The same gain staging considerations will apply when saving 24bit integer files after editing outside Cubase.