From Qobuz website:
Yes & No.. you can get CD quality at 16 bit, but not 24 that you are capable of getting with Qobuz's highest tier. Below is a blurp from Apple.. It's definitely a respectable solution to getting Q on a HiFi system.
For streaming content Apple is using the in-house Apple Lossless Audio Codec (ALAC). Here data density is permitted for up to 120 megabit per second. No matter what format the audio originally coded, your Mac or iOS gadget will turn it into a lossless audio stream. Only so-called “Hi-Res” Audio formats used by pros and audiophiles with higher resolution (e.g. 24 Bit / 192kHz) will be down-sampled to 16 Bit / 44.1kHz.