Yes, with 16 bits you have better dynamic resolution especially in shadow area. As far as human eyes are concerned all the colors that can be seen are in the 8 bit channel, however luminosity is expanded in the 16 bit channel.
Perhaps out of habit, I have been saving images , after PP in Photoshop, as 8 bits per channel. Are there any benefits/ plus/ minuses, between 8 and 16 bits? Thanks in advance of information. (No guesses, just genuine help).