This chip has ~22 bits of dynamic range. It's somewhat common to have 32-bit word sizes on ADCs/DACs like this that start to approach 24 bits, mostly as a convenience, and to make sure nobody accidentally ends up clipping in the middle of a filter MAC stage somewhere, but inevitably marketing decides to plaster "32 bits!" all over the datasheet.

I work with an ADC designed for seismic applications that claims similar specs and also has a 32-bit word size, and even those specs (~23 bit DR) are pretty difficult to achieve in practice.

I'm somewhat amused to see this in an audio DAC though, since the power amplifier and speakers are going to be way less linear than anything you can push through this thing. But I guess audiophiles gonna audiophile...