In theory, yes, it really can, but as you stated, in practice, no. This is basically the equivalent thing on digital TV between the US and Canada: most US broadcasters tried to pack as much channels as possible (that sometimes digital broadcasts are objectively worse than analog ones because of bitrate starvation) while Canada usually only have a 1:1 correspondence between virtual and physical channels (sometimes 2:1 but there isn't really much more than that).

This is not Switzerland, but the BBC apparently uses 192 kbps only at Radio 3 (their classical music station), while other BBC stations are either 128 kbps or 64 kbps only.