It can depend on what driver you're using - native or ASCOM - and whether it can operate in either 8-bit or 16-bit mode. The next time you're set up for guiding, start looping, select a saturated star, open the Star Profile tool, and look at what the peak value brightness value is. If the driver you're using allows you to specify 8 or 16 bit operation, 16-bit is likely to be a better choice. I think the ZWO drivers normally scale the data to either 8 or 16-bits before returning the image to PHD2. The important thing is to avoid having a saturation-adu value that is too low for the actual data.
Bruce