Bit Depth means to the number of bits you have to capture audio.
Sample Rate is the number of times audio is sampled per second.
CD audio bit-depth is 16 bits, sample rate is 44.1 kHz (44,100 slices per second). So, the great majority of quality sound cards and multitrack recording software enable to edit 24 bit / 96 kHz sound quality. As you have absolutely top quality recording gear, then it`s useful, to get maximum quality recordings. Though, even one humming cable connection may disturb your project. Yes, 24 bit recording provides better sound inside sequencer software, sound is more colorful and deeper, while you convert recorded tracks for broadcasting.

Even so, 24 bit recording required over 3 times more hard disk space. It, moreover is more weighing on computer processor, it may wreak on clipping and whatever interferences in recording flow. After converting your finished project to stereo file, it can lose those advantages. Most people can’t hear the difference between an MP3 and a CD (wave) file. That is 20 Hz to 20 kHz than the common human with excellent hearing. When you are recording at 16 / 44.1, the highest frequencies generated will be around 22kHz.

So, if you are recording music to listening for cats & dogs, then certainly use best quality, they can listen to higher frequencies. For utilize in Home Recording 16 bit depth and 44,1 sample rate is good enough, at any rate in the beginning. Afterwards, while your skills are improved, maybe it`s expected to changeover to 24 bit recording.