Both sample rate and sample format have an impact on potential sound quality. The capabilities of your audio equipment and your intended use of the audio signal will determine the settings you should use.
Here are some widely-used sample rates and sample formats. You can use these to help you decide which sample rate and sample format to use.
16-bit samples, 44.1 kHz sample rate. Used for audio CDs. Widely compatible. Bit rate of 705.6 kb/s.
24-bit samples, and 96 kHz sample rate. Audio CDs are recorded with these settings, and "down-mixed" later. Bit rate of 2304 kb/s.
24-bit samples, and 192 kHz sample rate. Maximum settings for DVD Audio, but not widely compatible. Bit rate of 4608 kb/s.
1-bit samples, and 2822.4 kHz sample rate. Used for SuperAudio CDs. Very rare elsewhere. Bit rate of 2822.4 kb/s.
Sample rate and sample format are only part of what determines overall sound quality. Sound quality is subjective, so you must experiment to find the audio interface and settings that work best for what you do.