Does it matter? Under most circumstances, the extra noise added by the HDCD encoding (when not decoded) should be inaudible; and any extra information provided by HDCD decoding should be masked by (a) program content, (b) analogue amplifier noise floor, (c) room (environmental) noise during playback. Not to mention that if you spend long enough worrying about it, your ears will age so you can't hear it anyway.
In A/B/X testing, 16-bit words at 44.1ksps has consistently been shown to be audibly transparent as a distribution standard. (You need more bits for mixing because of the math onvolved.) There are far more audible defects introduced in the ANALOG stages of playback (improper grounding in the circuits is often the culprit), including at the amp/loudpseaker interface because of reactive loading, than in the sampling and conversion.