Is the WDM bit rate selectable?
Win 10 Pro shows 16 bit 2 channel, even after for instance, selecting 24/48 in the Advanced Tab under Properties.
No, not really.
As you know the WDM is an input to MC, from an external source.
If the external source can output audio in Exclusive Mode, then the WDM will operate in Exclusive Mode, and it will accept the bit rate that the source provides. This is good, because it means that Windows doesn't muck around with your audio, and all up/downmixing and DSP is done in MC.
If the external source cannot output audio in Exclusive Mode, then the WDM will operate in Shared Mode. In that case, the Windows Sounds Mixer will remix the audio from the external source to the format specified in the Advanced Tab of the WDM Properties dialogue. You will notice that the Default Format setting in that Tab specifically says it is used when running in Shared Mode. This is not ideal, and for best results this setting should be set to match the external source audio attributes, so that the Windows Sound Mixer doesn't remix your audio, but passes it unchanged to MC. Again, that way all up/downmixing and DSP is done in MC.
If the WDM is in Shared Mode, and is also set as the Default Windows Audio Device, then Windows will mix in other sounds the PC produces, such as System Sounds (beeps and maximise/minimise sound effects for example). The Windows Sound Mixer will then output in the format specified on the Advanced Tab of the WDM Properties, as above. The WDM needs to be set as the Default Windows Audio Device if the external source can only output to that device. For example, the Chrome Browser only outputs to the Default Windows Audio Device.
So the best results are achieved if the external source can select the WDM as the audio output device, and it can be put in Exclusive Mode.
The worst results occur if the external source can neither select the WDM as the audio output device or be put in Exclusive Mode, in which case the Windows Sound Mixer gets involved, and you have less control over the total audio path.