The video depth is as follows:
24-bit = 8 bits per channel, three channels
32-bit = 8-bpc with alpha channel for transparency
48-bit = up to 16-bpc (use with 10-bit codecs and above)
64-bit = up to 16-bpc with alpha channel
The appropriate audio depth will depend on your source material and export requirements. 16-bit is typical, although 24-bit or more might be appropriate for high quality and/or high sampling rates. Floating point audio is used to prevent clipping and allow levels to exceed the maximum. You would typically only use floating point audio with intermediate files prior to final delivery.
Higher bit depth gives greater fidelity. An 8-bpc depth provides 256 graduations from zero to max. By comparison, 10-bpc provides 1024 graduations over the same continuum, and therefore there is smaller difference from one graduation to the next. A simple example is the number of gray shades on a scale from black to white: 8-bit provides 254 in-between shades while 10-bit provides 1022 shades. The end points (black and white) are the same in each case. 10-bit video is often used in colorization when moving between RGB and Y’CbCr (YUV) to minimize artifacts such as banding and blocking.