Comment by adrian_b

The ADCs that do direct sampling of the input signal (i.e. by successive approximation or by the pipelined algorithm) become very expensive at high resolutions and they are limited to 18 bits per sample or at most 20 bits per sample.

Due to their high cost such ADCs have no longer been used in audio for many decades. They may still be encountered in some expensive measurement instruments that need high resolutions at significantly higher sampling frequencies than needed for audio.

All audio ADCs have a very low resolution per sample, e.g. 4 bits or even lower, but they sample at a very high frequency, of many MHz. Then the bit stream is digitally processed to generate whatever format is desired for output, at a lower sampling frequency and a higher resolution, e.g. 24 bits @ 192 kHz.

There is a difference between the actual resolution at the output and the effective resolution, which is limited by noise, e.g. the 24 bit samples may have an effective resolution of 20 bits or 21 bits or 23 bits, etc., i.e. they contain noise with an amplitude corresponding to those effective resolutions.

The digital algorithm that converts the low resolution input samples (e.g. 4 bits @ 5 MHz) inside the ADC can easily be modified to generate a different numeric output format, e.g. FP32.

Neither FP32 nor 24-bit is the native format of the A/D conversion. If the ADC outputs FP32, that is even more convenient for further audio processing. Obviously, the quality of the ADC is independent of whether it outputs FP32, and the FP32 samples will have a different effective resolution on each ADC, which seldom would be as high as 24 bits, due to the noise.