Bitrate is definitely not the bottleneck there. AD converter self-noise is what we're are fighting against most of the time - all gain staging we do is so that we are able to provide the ADC with a healthy signal that towers above its self-noise. Multi-ADC designs do help a lot when the audio you're recording has a high dynamic range (i.e. so that the quieter parts don't get too close to the noise floor set by the ADC).
If the sound source is quiet enough, of course, then the microphone's self-noise becomes the bottleneck, and gain staging isn't going to fix it, let alone 32-bit float.
Re: your test, I wouldn't expect a recording peaking at -16.9 to display any perceivable noise. If you recorded a super quiet acoustic number right after the rock song that peaked at -16.9, though, using the same settings, you'd likely start hearing some noise that a multi-ADC design might have prevented.