True. But if you don't have enough dynamic range given by the bit depth, either the peak will be less peak (everything compacted), or the quietest parts will be lost/mix in the noise. None of the options is ideal.
But I see where we getting and you have a point.
The other day I was listening to some Diana Krall FLAC and I was hearing some mechanical sound from the piano. Seemed to me like the retracting sound of the little hammers that strike the chords inside. First I thought, that's incredible, I can even hear the sound of the mechanical parts of the instrument.
...than I thought better. ...This isn't really part of the music, is it?
Still, if it was recorded, I'm glad I was able to hear it.
...and yes, I believe they would be audible at 16/44.1 too.
Michael