My audio interface and DAW support recording at 96khz / 24 bit. When I export a video from Magix there's no option for 24 bit for sound (highest option is 48khz / 16 bit). When I checked the recommended audio for YouTube high quality they say 44.1khz / 24 bit. Will this change much in the audio quality if I export at 16 bit instead of 24? I couldn't hear a difference myself...
If you do not get along with 48kHz and 16bit after proper mastering, you are doing something likely unsuited for human consumption.
24bit is for having large dynamic reserves for recording and mixing, 96kHz is for having good reserves for non-linear manipulations and good properties for digital filtering. The finished product should not require those reserves any more.