Pro audio uses high bit depth throughout the signal chain to simplify gain staging. 16 bit is just barely adequate for normalised signals, but it is inadequate for signals of unpredictable level as it leaves no room for error. Set your gain too high and you get clipping; Set it too low and you raise the noise floor. You never need 120+dB of dynamic range, but it is incredibly useful to have 30dB of headroom to cope with sudden increases in level and an inaudible noise floor.
This extra headroom is critical for digital systems, as they have no headroom above 0dBFS - most analogue devices distort progressively (and often rather pleasantly) when pushed too hard, but digital clipping sounds horrible. Once you've run out of bits, all hell breaks loose.
16 bit is absolutely fine for domestic audio, but it is totally inadequate in a production environment. Without the extra dynamic range provided by 24 bit, you're stuck with some kind of compromise - either you risk overs, you raise your noise floor, or you have to stick limiters in front of all your ADCs and put up with your peaks getting squashed.
This extra headroom is critical for digital systems, as they have no headroom above 0dBFS - most analogue devices distort progressively (and often rather pleasantly) when pushed too hard, but digital clipping sounds horrible. Once you've run out of bits, all hell breaks loose.
16 bit is absolutely fine for domestic audio, but it is totally inadequate in a production environment. Without the extra dynamic range provided by 24 bit, you're stuck with some kind of compromise - either you risk overs, you raise your noise floor, or you have to stick limiters in front of all your ADCs and put up with your peaks getting squashed.