For this sort of reason many digital effects operate at an oversampled rate(i.e. they apply a FIR filter to represent approximately the same signal at a higher sample rate like 1.5x or 2x, do the processing there, then downsample again). Contemporary DAW software has tended towards doing processing in 64-bit floating point, while source recordings typically go up to 24-bit/192kHz, which is probably "way more than good enough" even if some room to inflate the specs further exists.
For playback, 16-bit/44.1khz stereo is still as good as ever. You're limited more by the other parts of the signal path in that case.