Yes, this is correct. You seem to have initially misinterpreted the measurement.
Here's a small demonstration—
1kHz sine at -0.01dBFS:
View attachment 487888
Signal attenuated 6dB
before quantizing to 16-bit:
View attachment 487889
You can see that the noise floor stays at the same level. If we instead convert the 16-bit data to a higher bit depth before doing the gain reduction, we get this:
View attachment 487890 View attachment 487891
The 16-bit noise floor goes down accordingly (until we reach the limits of the higher bit depth).