The 16 bit affects the dynamic range of the file
The 96 KHz affects the available frequency range
With a 16 bit file you have a theoretical 96 dB of dynamic range.
With a 96 KHz file you can accurately recreate an analogue sound up to 48 KHz
A CD equivalent is 16 bit and 44.1 KHz giving you that 96 dB of dynamic range and a maximum frequency of over 20 KHz
In a normal, quiet listening environment you can't make any use of any extra dynamic range. (Consider that your "quiet" room is probably at at least 30 dB. Adding 96 to that gives you levels that would deafen you within a very short time.
Adding to the 44.1 KHz will give you higher frequencies, none of which you, as a human can hear.
I did a test recently, I bought an HD track, downsampled to CD quality and null-tested it.
The difference is silent. It shows up as a flat signal in Audacity and only shows information below around -80 dB and mostly above 22 KHz
None of this is physically possible to hear in any normal room, or even studio.
CD quality, 16/44.1 is more than enough to give the highest possible quality playback for human beings in normal environments.
I say normal environments as I guess in a sealed soundless chamber, you "might" tell the difference if you upped the bitrate a little...but I doubt it...I imagine your own personal sound would be louder than the difference.