Comment by tomatotomato37

If anyone was hoping for a more technical explanation, I find these pages do a good job explaining the inner workings behind the format

https://docs.krita.org/en/general_concepts/colors/bit_depth....

https://docs.krita.org/en/general_concepts/colors/color_spac...

https://docs.krita.org/en/general_concepts/colors/scene_line...