trajhip, you're right in a general sense. When we use editing software that is not open-source, we don't really know whether the code for various program actions (such as filtering and equalization) was or wasn't written with the proper care to avoid internal numeric overflow or underflow (the digital equivalent of brickwalling).
However, floating point representation has its own problems, including a kind of modulation noise (or noise modulation, depending on how you look at it) which occurs as the exponent varies. So the cure can definitely be worse than the almost completely avoidable disease.
It should be possible to test the various processing routines in programs such as Audition or Sound Forge, for overflow/underflow problems, but I've never seen this done in any published review of such software; I don't even know of any systematic methods for carrying out such testing, though I would think that they must surely exist somewhere.
--best regards