I note your question relates only to bit rate and not bit depth. My answer is that no we do not need anything above 96Khz. In fact it may be slightly deleterious - increased processing power and disc space.
The main point is that there is no musical information beyond about 30Khz - the overtones of the highest notes music are now very low. Also to be practical there are limitations on (1) recording microphones picking up this extra information; (2) tweeters being able to reproduce these frequencies accurately, if at all; to say nothing of (3) the limitations of our ears.
The main point is that there is no musical information beyond about 30Khz - the overtones of the highest notes music are now very low. Also to be practical there are limitations on (1) recording microphones picking up this extra information; (2) tweeters being able to reproduce these frequencies accurately, if at all; to say nothing of (3) the limitations of our ears.