“I know that there are high quality audio formats that accompany many Blurays...but I didn’t know that such formats were available for music CDs. “
CD’s are 44.1/16 bit but you can download albums at higher resolution.
No need. it is mathematically proven that digital audio recordings can be reproduced 100% faithfully as long as the sampling rate is at least twice as high as the highest audio frequency. No one on this planet can hear a frequency of 20.5 kHz or greater. Personally I can’t hear anything above 12.5kHz.
Most people are listening to mp3s or worse these days.