Ableton's Learn Live series covers bit depth as a practical concern for both audio quality and system performance. Higher bit depths capture more dynamic detail, but they also demand more bandwidth from your hard drive during playback, so the choice carries real workflow consequences.
In Clip View, you can check the bit depth and sample rate of any audio clip in your set. Recording bit depth is set separately in the Record-Warp-Launch tab of Live's Preferences.
Importing audio at mismatched bit depths or sample rates forces Live to convert that media on the fly, which adds unnecessary processing load. Keeping your samples consistent with your set's settings is a simple way to keep things running efficiently.