Yes and no. I don't think (haven't tired) that you can play 24 bit music files on your iOS device. However, you can record and play 24bit audio using any USB Audio compatible device. Most music recording/production Apps for iOS support 24bit/96KHz. And you can record/play 2,4,8 or even 16 channels at the same time. So it's probably that the Music App doesn't support playing them - it has nothing to do with whether iOS itself can handle 24bit audio. It most certainly can.