Hi there
Carl. It should not matter whether floating or fixed point processing is used there seems to be a fascination for people working in the DAW world to be sending signals around the place at various points in the signal chain that are just so high and basically there is no need to do it at all. It is something that is has been brought forward from analog recording where higher levels were desirable in order to keep a good signal to noise ratio happening.
It is so easy to avoid clipping on tracks, busses and the final masterbuss. And this also includes any or all of your plugins as well. Once you get into 24 bit as the digital noise floor is just so low it is of no consequence really and a whole world opens up where one starts working down at a much lower ref level.
Once you treat your ref level as the
rms ref level then everything falls into place really. If you choose say -20 dB as a ref level then you are working with signals that have an average
rms level of -20 dB FS with a whopping 20 dB of headroom above that. Same applies to plugins. You can come into and go out of a plugin the same way leaving lots of headroom inside the plugin too.
(unless you want to push a plugin for creative purposes and that is quite OK too but you can still come out at the ref level again though) VU meters
(real or plugins as well) are excellent for checking ref
rms levels at any point in your signal chain. Even peak meters are going to show you if you are too close to 0dB FS.
The ref level approach works the same way on busses and the final masterbuss. That is why I have never heard Pro Tools distort when I work with it no matter what version it is. I don't see one clip light anywhere on any DAW that I use. Once you apply a concept such as K System metering etc you will get the same very clean result on any DAW.
(good advice for everyone here!) Stop trying to make your mixes sound loud and sound like the final mastered thing. Forget it. When mixing you can keep everything low and detailed and very clean. Turn your monitoring level up to the level you want to hear you mix at, that is the way to do it. Mastering is the time to make things more compressed, limited and ultimately louder.