Are Audiophiles "Simply Guessing?"

I know I would be guessing. 16 bit 44 khz is good enough for me.

No listing of headphones, amp, or associated cabling so we don’t know the likely resolution of the system.
Listening to three different formats of music in a short term test leads the participants to key on the differences between selections.
Long term listening in a relaxing situation would be better to make an absolute choice as to which file sounds the most realistic.
Great ears, perfect pitch, and a music degree doesn’t mean she knows what to listen for.
Hi Enders are generally looking for soundstage, imaging, instrumental separation, air, slam, among others that is likely not important to someone with a music education who is listening for a completely different set of values.
 I could be wrong but that is my initial reaction.  So be it.

As I said, this is something I came upon. I find his video discussion interesting, but flawed. 

The comment section below Beato's YouTube Video is interesting and has some valuable contributions.

It does (for me) raise the question as to where each of our personal limits are and whether our limits should be driving our equipment and system choices?

I pretty much agree. 320 Kbps and higher is where it is starts to get tough to tell the difference on higher resolution. I think you can on some music tracks but on many pop/rock you can’t with an A or B test. Classical tracks with large dynamic range and acoustic instruments are easiest. Training also helps because you know exactly what to listen for.

This is very different from equipment.

I am continually surprised that the latest electronic equipment with SNR of -130db sounds better than -105 dB (the gold standard for years) because both are so damn good! I think it is because we rarely optimize the audio chain by listening close to maximum volume. So if you listen typically at -60 dB on the volume control the -130 dB gear is going to still sound near perfect while the -105 dB gear is going to have some noise that masks some details. (At -60dB, the -130 dB system has a dynamic range of 70dB left while the -105 dB system has a mere 45 dB above the noise floor).

This is what Alan Parsons says

https://www.cepro.com/article/beatles_pink_floyd_engineer_alan_parsons_rips_audiophiles