Blender color handling questions

I’m at the begining stage of my learning, so, possibly, all of that questions have simple answers, which I’ve overlooked.

  1. Render color depth.

You can save render in 8, 16 or even 32 bit color. But you have to define colors just once. How it is done? If I choose, let’s ay, color in composition node setup, how the same colour can work in different colour depths? Is it defined somehow bit-independent?

What if I use a 8 bit picture for background (in compositor)?

  1. Materials color depth

Essentialy the same question. How the color of material is presented internally?

If I’m not mistaken, every color that is used is converted internally to a “bit-independent” (32-bit float, I think) format. Thus, you need not concern yourself with the input precision, just the output one.