IF one is buying 24/96 vs 16/44 and it was mastered in 24/96 originally the 16/44 cannot record nor reproduce the original sounds accurately and will have distortion in many different ways. I am not saying the X steps cause the distortion LOL, you are oversimplifying and trying to pull things out of context.
So I did a bit of research and there are MANY microphones that have higher dynamic range. You are oversimplifying by saying "microphones...only have 80dB of SNR"
Recording engineers will use 32bit recorders, multiple microphones- some with the highest dynamic range over 100dB and some with high SPL capability up to 147dB.
They don't just use one microphone LOL. And SNR of a microphone is not the same as it's dynamic range.
24/96 is superior to 16/44 recordings Full Stop, Mathematical Facts and Physics Facts and these differences are audible
IF one knows or cares to hear it, and IF the recording was done properly and IF ones equipment is up to snuff
It is also a fact which I already stated, most people will be happy with 16/44 due to ignorant bliss or incapable equipment or any number of other factors
(edited for accuracy)