According to MQA which has the right tools to determine the true bit depth of music, in the process of encoding their MQA library, they found music that had 18 bits of dynamic range. So more than 16.
Here is a CD player I tested as far as dynamic range:
Unless you use noise shaping in the process of conversion from 24 bits to 16 (which likely few producers use), playback above 92 dBSPL at mid frequencies will have audible noise during silent passages. The more channels you have, the more the noise will add up.
Further, if you are going to apply EQ during playback -- which everyone should be doing -- you could lose even more dynamic range.
Finally, starting with 24 bit samples means less opportunity for precision loss in the signal processing.
All of this may add up to no audible difference or small ones. It costs nothing these days to get 24 bit music distributed and stored so no reason to try hard to settle for 16.