While S/PDIF the protocol standard can support up to 24/196, actual bitrate depends on the transmission medium (coax or optical), and on the digital audio processing hardware/driver (sound card) that's driving the S/PDIF output. It also depends on the ability of the receiver - clearly no use to send a 24/96 signal a DAC that does not support support it. Over the years I have used S/PDIF output from a dozen sound cards, coaxial and optical, and every one of them has a different set of supported audio bitrate and encoding. All digital audio transmissions are encoded and therefore each audio processing/transmission system must specifically be designed to support its set of audio encoding method - PCM, Dolby, DTS, etc.. There is no such thing as a 'raw' digital audio. With this in mind, do the following check:
1) Open Control Panel>Sound to see the full set of sound cards, each further listed by type of output port, in your PC. Identify those with S/PDIF output.
2) For each S/PDIF, enter Properties>Supported Formats tab. The bitrate and audio encoded format capability of this card/port combination is revealed.
3) Check those boxes which you want to enable and use. This is just a software turn-on since the full hardware capability is already revealed.
This sets up the Windows side of things, meaning its DirectSound system is now configured for this sound card. BUT if you have additional hardware, such as a DAC that requires special driver in order to do high-res, then you must further install & configure the driver. This driver now controls bitrates and encoding, especially when you used WASAPI sound subsystem. WASAPI connects to the DAC using its special driver, which take charge of things, not Windows. Again, the DAC-driver-port combination will be listed as a 'sound card', and you must properly configure it to work.
This is complicated because Windows permits 3rd party sound hw/sw to take control over its sound subsystem. An ASIO 'driver' can even take over Windows entire sound subsystem, bypassing everything, thus controlling everything.
If everything are configured properly and certain bitrates do not work, then 1) your S/PDIF sound card does not support it (not listed in 2) above), or listed but not checked, 2) you have sent the audio in an unsupported format, 3) your DAC does not support it from that input port, 4) wrong driver used.