Absolutely! The difference is palpable, but let me try explain this to you, but if this goes over your head please don't ask questions as I really can't dumb it down more or your system and ears are not resolving enough. Besides, I'm very busy listing to my latest cable risers where I'm experimenting with dildos.
16 bits sounds far more coarse than 24 bits. You can compare this with a sieve where the more finely masked one (24 bits) keeps more of the music than the coarse one (16 bits). By using 16 instead of 24 bits you're loosing musical bits for sure. Try it!
As for sampling frequency something similar happens in that you are loosing something vital. To again make the sieve analogy (see what I did there?) is that 192 kHz is swinging the grid so fast, compared to 44 kHz, that the musical bits have less of a chance to escape the sieve, thus more of the music is conserved. You wrote 44 kHz, but the standard is actually 44.1 kHz, which is marginally better. Recall that any increase of sampling rate is beneficial and even a minute increase of it will improve the music!
In the best of all worlds you want the highest sampling rate and bit depth you can get!