Tokøta from Mastering.com breaks down two basic recording settings in Logic Pro: file format and bit depth, and what actually matters when choosing each.
WAV and AIFF are functionally the same, but AIFF stores more metadata, which matters if you're syncing audio to picture or handling placements.
Bit depth is explained through a color-palette analogy: more bits means more "colors" to capture subtle volume changes and detail, resulting in cleaner, more accurate audio.
24-bit is the recommended default for most recording, balancing sound quality with storage space. 32-bit float is available if you want extra headroom and have the space to spare, but it's not a requirement for great results.