It's my understanding that a 32bit floating point file uses the same 24bits to capture the audio signal that a 24bit file does, the 8 extra bits are there to just capture any signal that would normally exceed 0dBFS in a fixed point file. Live does a lot of operations like freezing as 32bit files (I believe 32bit float, but maybe fixed point), because they can't be sure that you're not clipping a track when you do the freeze operation for instance.
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