The bit depth setting for recording affects how many bits are used in the files written by Sonar when recording. There is no reason to use a bit depth here that is different than the audio interface is set to.
Sonar processes internally using 32bit floating point (or 64bit, if using double precision).
Sonar also has other settings for bit depth for
exiting Sonar - not just exporting, but for rendering (like when freezing or bouncing tracks).
Plugins may use 32bit floating point, 64bit floating point or something else, regardless of what Sonar's mix engine is using.
In terms of sample rate, it's more complicated. Sometimes it's advantageous to do certain types of processing using a higher sampling rate. Generally, plugins upsample internally as required when this is the case, but there may be certain plugins that don't (especially old ones). You also might get lower latency at higher sampling rates.
But in terms or recording/playback, higher sampling frequencies only offer higher frequencies. If you already can't hear any loss of high frequency information at 44.1kHz, then a higher sampling frequency offers you nothing. People who think higher rates are "more accurate" (aside from offering higher frequencies) simply don't understand the basics of digital sampling - even if they think they do.