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what is the correlation between bit rate & frequency with output resolution
This is more or less the definition of digital audio resolution. 192 is the sampling rate (how many thousands of samples per second, defines the highest audio frequency that can be represented) and 24/32 is the bit rate (how many values can be represented, "number of steps").
(32-bit audio files may not have a fixed number of steps in the way you might imagine, look up floating point numbers on Wikipedia if you're curious.)
if l am realistically missing out by being able to use 192?
The good news is, no, not realistically. The highest frequency you can do in digital audio is half of the sampling rate. So with 192Khz sampling you can play a 96KHz tone. This is beyond what even dogs can hear. Your speakers almost definitely cannot even approach this frequency. And it's absorbed in the air at a rate of 3dB/m, so you'd better sit close if you want to hear it. It's overkill for sure.
44.1 or 48Khz was chosen to have a little cushion between the highest frequency the file can represent, and what people can hear. People with young ears can hear up to around 20Khz, a lucky few can go a bit higher. So you only really need 40Khz files to capture everything people can hear.
Most people can't hear that high up, so it's still a little overkill for most people in their 30s or older.
So long story short, you don't lose anything by not using 192. In fact, 44.1 or 48 is not going to hurt anything, 96 is overkill, and 192 is extra-double-super overkill.
192Khz audio files are like printing your photos at 35,000 DPI. You can be sure you captured all the detail, but you passed that mark a while ago.
The bit depth of the file basically defines the noise floor relative to the loudest part of an audio track. 16 bits gets us -96dB which is very respectable. Turn something down 96dB and tell me how it sounds.
24 bits gets you -144dB which is hundreds of times quieter than -96dB. I am not sure if you can buy analog gear with so little noise at any price.
32 bits goes to the moon in terms of dynamic range, it's only really relevant in a studio setting and even then typically gives you plenty of cushion. Apparently it's said to enable 1528dB of dynamic range, which is unimaginable in the real world... the difference between a nuclear bomb going off and silence is around 200dB. The loudest sound in recorded history (Krakatoa exploding) is said to have been 310dB. So... 32-bit float audio files are a pretty capable recording medium.
Modern audio software usually runs at 64 bits internally, which is exponentially more dynamic range still, but it doesn't cost extra on a computer, so why not?
Also curious why there is only 16 or 32 on the wiim and not 24?
It's a design choice, but most software runs on numbers expressed with either 8, 16, 32, or 64 bits. For reasons that are somewhat above my pay grade, CPUs are built to handle these numbers natively. If you do something with 24, it probably is just putting 24 bits in a 32-bit box. So it may have something to do with that.
