While doing research on Lossless, I downloaded 2 dozen albums and MQS files from LINN and others. I also have a program called Similarity App. In this application you can run an Analysis of a files to see lots of information about the audio track. Most of the files barely had any peaks in the frequency Khz range that reached above 88Khz. I did a little checking and found that ultrasonically, Not many instruments can go over 100Khz no matter what, Symbols can hit up to 102Khz. My style of music had a high peaks of 55Khz on a 2014 master hi rez file. Everything above this if encoded into a 192 Khz files is useless and empty space ( I.E. a 0 in digital language) Most space above 100Khz is set to 0. This means it is just wasted space that cannot affect the soundstage, or anything else in the audio spectrum as there is nothing there to play or affect anything as it is a 0 ( or row of zeros ) But zeros do take up physical space in a file, and makes the file larger. This would lead me to believe that 96Khz would be near the best any file can be heard ( if we could hear that high), Maybe with clipping on an a properly recorded symbol, but even the reference material out there are not recorded to this level.
Bit depth is a different story. the more / wider the bit depth the more it affects the whole spectrum of sound. It's more 1's and 0's that be crammed into the full frequency spectrum as the file is being played, and this has to have an effect on the sound in every way. Similar to color bit depth, the more bit depth you have, the more colors you have. Even if you cannot see all of the colors above 24bit, it does affect the image clarity and depth.
Being Hi-Fi type people, we all want to listen to the best quality audio we can, even if we cannot hear it :-)
Someone please correct me if I have went off on a misinformed tangent...