The maximum frequency storable is dependant on the sampling frequency not the bit rate. The bit-rate determines the dynamic range.
If you hear to 15.3kHz 44.1 sampling rate will be storing all frequencies you can hear.
IME whilst the "silent" bit between tracks may be more silent with 24-bit than 16 bit I have never seen or heard of a music recording with greater than 96dB of dynamic range, so 16-bit can store all the music from the loudest to the quietest parts.
That means 16-bit is fine for music (unless you want to turn the volume up a lot in the "silence" between tracks where 24-bit will be better) so 44.1/16 can store all audible (by me, and probably you) parts of a music recording.
20-bits of dynamic range may theoretically be used for film sound tracks, but I doubt it ever actually is because if it was almost no domestic system would be able to play it.