I am looking at my installed versions now. The icon that links to 8.0 says SONAR 8 Producer Edition (x64) and this was automatically generated- Also, the program is installed in the 64 bit area, i.e. C:\Program Files\Cakewalk, and not in the 32 bit area, which would be C:\Program Files (x86)\Cakewalk.
IIRC, you start Setup, and if you are on a 64 bit OS, you are asked which version you want to install - but it's a while back now, so I may be mistaken. Nevertheless, my 8.0 version is unquestionably 64 bit for reasons stated above. (PS: It may be the 64 bit was indeed not on the CD but only came later as a download - ? Not sure.)
The advantage is that the 64 bit system can access far more memory. 32bit maxes out at 4GB, although due to various technicalities, I seem to remember XP32 only managed to make just over 2GB available, even if you put 4GB in your machine.