The main thing to consider here is that recording at higher bitrates and playback are two very different things. If you’re recording a 100 piece orchestra you’re better off to record it at the highest sample rate / bitrate as possible because summing up 100 channels of different data (the waves adding together to a stereo track) you get a higher resolution and more accurate rendering.
So when you render those 100 channels down to CD quality (44.1/16bit) you will have a more accurate reproduction.
Playing back at 192KHz/32bit is absolutely pointless and a waste of disk space but recording is important to capture as much data as possible.
The finished result will probably be an MP3 or CD anyway.