Not true at all.. the bit rate will only affect the noise floor, you'd be hard pressed to notice any difference between 16 and 24 bits (you won't). And when it comes to the Hz - (width of the time-slice, 44 / 96) that will only make any difference on super high frequency sounds, but again, even with that the vast majority of people will perceive no difference. Band limited sound waves can only solve to one solution, and making the slices smaller in the time domain will have relatively little effect because you can perfectly represent all signals in the range of human hearing at 44khz sample rate.
Higher bit rates are useful for people using DAWs like Cubase, ProTools, etc. where your 'signal' is going through myriad processing and summing stages because of the use of multiple tracks, plugins, etc. (sometimes hundreds) That's when you don't want the artifacting from summing multiple approximations. I use 32bit / 96khz in Cubase for this reason.
The human brain is very good at convincing itself [3] that it can tell the difference, but in a double blind test you'd have no chance.
Useful info and reference:
[1] https://www.youtube.com/watch?v=cIQ9IXSUzuM
[2] https://en.wikipedia.org/wiki/Nyquist%E2%80%93Shannon_sampli...
[3] http://www.image-line.com/support/FLHelp/html/app_audio.htm