There was a time when transistors were replacing tubes, and table radios and portables were advertized as having some particular number of transistors. The more the better, supposedly. Of course manufacturers quickly picked up on this and started populating their circuits with numerous transistors that basically did nothing. The same may be true for bits.
When CD players first came out, I bought a Mission player simply because it sounded much better than the Sonys, which I gone out to the store to buy. After I bought it I discovered that it had two 14-bit D/As whereas the Sonys had one multiplexed (shared) 16-bit D/As. The Mission, like Philips used oversampling to get effective 16-bit resolution. The reason for the 14-bit design was that the last two bits of then-vailable 16-bit D/As were just meaningless noise, whereas all the bits were valid in the 14-bit units. I wonder how many people bought the Sony because it claimed two more bits?
All things being equal, more bits should give better resolution, but all things are not always equal. Also, there are diminishing returns as you go over 16 bits. Trust your ears.
