I would suggest to always record in the highest bit rate possible, as that produces the cleanest sound in terms of the changes in volumes from low to high and vice verse - 24 bit over 16 bit, and 32-floating point over 24.

For the sample rate, you should consider the medium you're working towards. If you're only working in audio and just creating songs that you might want to release commercially, 44.1 kHz is the industry standard for "CD quality audio" and is perfectly sufficient.

If you're planning on doing live recordings for film or TV, the industry standard jumps up to 48 kHz.

You would only need to use something like 96 kHz if you're explicitly going for high fidelity, lossless audio files that are going to be listened to on boutique quality sound systems. It's beyond overkill, as it's producing frequencies well beyond the human hearing range - we stop hearing sounds between 18 kHz and 20 kHz, and a 96 kHz produces frequencies up to 48 kHz. I guess you could use it if you're making music for dogs!