^That.
There are 3 steps:
1) Use of additional ADCs running in parallel with different levels of input gain to extend dynamic range.
2) Combining the outputs of the multiple ADCs into one data stream.
3) Storing that output.
You can have the first without the other two. That is how secondary safety tracks have been implemented in some recorder for the last few decades. Those recorders stored both ADC outputs as separate files, one at a higher level than the other, which allowed the user to choose whichever one happened to fit the full dynamic range better than the other afterward. Those recorders essentially operate no differently than modern multi-ADC recorders in regard to this first step.
The combining of the outputs is the magic sauce, the tricky part, and is the step that is related to the low-level noise modulation artifacts reported to occur in some cases. In modern multi-ADC recorders this is done in real time while recording. But it can also be done afterward on the computer as long as the output of each ADC is stored separately by the recorder. TS member TheJez has created a program that automatically merges the two separate files created by "safety track" recorders afterward. That program and a more detailed description of what it does can be found in the
SafetyTrackMerger (Windows + MacOS) thread-
https://taperssection.com/index.php?topic=206443.msg2421571#msg2421571Whether the merge is done in real time in the recorder or afterward on the computer, the combined output of the multiple ADCs is then stored in some file format. That might be 24bit fixed-point, 32-bit floating-point, or whatever. Some recorders which do the merge in real time allow you to choose the output format, others don't.
The dynamic range of any one thing we are recording can fit in a 24bits fixed-point file. But the full range of all the different things we might plug into a recorder doesn't quite. Writing a 32-bit floating point file that has the capability of storing a ridiculously large range of level values fixes that, even if its not really much of a problem in actual use. The real-word usable dynamic range of any analog input recorder is always going to be limited by the dynamic range capabilities of its analog input, which is usually smaller than what a 24bit file is capable of storing. But a few ADCs working in parallel with different input gains can collectively exceed the dynamic range capability of that by just enough that the user needn't manually set input gain.. except they actually still do.. by manually switching between "line" and "mic" input sensitivities.
That such mic/line switching is still required is one clear indication that 32-bit float recorders do not actually have the super huge dynamic range capability which is often advertised (only the file format itself has that). They effectively have just enough more dynamic input range capability via their automated ADC switching to make them more convenient. We still need to make sure that we aren't overloading the input or not driving it strongly enough to avoid overloading or noise, but we can do that ahead of time when setting things up originally.
Beyond that, a 32-bit float file format has some advantages for some forms of processing. But modern programs and DAWs always convert the input file format to some larger internal workspace format before doing the processing anyway.
So there are some advantages (even though the advantages frequently don't actually reflect what is being advertised) such as less or no need to worry about level setting, at least after you've done the due diligence to make sure your recording setup is not going to exceed the actual input dynamic range of the recorder. And some disadvantages, such as having to store significantly larger files for the same length recording and sample rate, and those files not being able to be played in simple file players prior to doing some post processing and conversion back to fixed point wavs or lossless files.