There are benefits and drawbacks to both 16-bit and 32-bit color depths. The main difference between the two is that 16-bit color has 65,536 colors while 32-bit color has over 4 million.
The advantage of having more colors available is that images will generally appear smoother and more detailed. This is because there are more gradations between colors, making for a more natural look. Another plus is that you can more accurately represent a wider range of colors, including skin tones and other subtle hues.
However, the downside to using such a large color palette is that files can become very large very quickly. This means longer download times and increased storage requirements. Additionally, some monitors may have trouble displaying all of the colors in a 32-bit image properly.