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24-bit truecolor uses 8 bits to represent red, 8 bits to represent blue and 8 bits to represent green. 28 = 256 levels of each of these three colors can therefore be combined to give a total of 16,777,216 mixed colors (256 × 256 × 256).
"32-bit color" is generally a misnomer in regard to display color depth. While actual 32-bit color at ten to eleven bits per channel produces 4,294,967,296 distinct colors, the term "32-bit color" is most often a misuse referring to 24-bit color images with an additional eight bits of non-color data (I.E.: alpha, Z or bump data), or sometimes even to plain 24-bit data.
Systems using more than 24 bits in a 32-bit pixel for actual color data exist, but most of them opt for a 30-bit implementation with two bits of padding so that they can have an even 10 bits of color for each channel.
As bit depths climb above twenty four, some systems are using the extra room to store data nonlinearly, with the most common form being the storage of more data than can be displayed all at once, as in extended dynamic range imaging, including high dynamic range imaging (HDRI).
Floating point numbers are used to describe numbers in excess of 'full' white and black. This allows an image to describe accurately the intensity of the sun and deep shadows in the same color space for less distortion after intensive editing.

Each channel has an associated resolution, which is a measure of how many gradations of intensity it can represent. The higher the resolution, the more accurately visual information can be stored.
The resolution of a channel is determined by how much data is stored, for each image pixel, in that channel, and this is normally expressed by the number of bits (binary digits) stored at each point.

32 bit formats are usually stored in what is called a ‘floating-point’ format.

The most likely advantage you’ll see when using the 32 export format is that, once a satisfactory alpha depth factor has been determined for your export needs (set by the Alpha Depth Factor slider in the Alpha palette), you will not need to change it when subsequently exporting new versions of the same displacement map.

A 32 bit map records the exact world space distances between the low res and high res mesh.
high res mesh is inside the low res mesh than the measured distance will have a negative value. These values can not be displayed on the monitor as is.

On the render side of things, using worldSpace units makes it very easy to control the displacement height at render time compared to normalized maps. The shader displacement height is normally set to 1 and it will read the height information right from the pixel values of the map. There is no guessing involved about the height of your extracted displacement maps and it will look just like your highRes sculpt. As the maps are in worldSpace units, scaling your object will break this relationship.
If you have to scale your object from the initial extraction size, you need to multiply the height by your scale factor. For example, if you lowRes got scaled by 3 after extracting the maps, you need to change the displacement height from 1 to 3 as well.