Exclusive Mode/Shared Output Question

So I’m still fairly new to the whole Hifi audio thing, but I’ve made pretty good strides as far as figuring out what headphones/speakers work for me, understanding how dacs and amps work, EQing, etc…

The one thing that I feel still goes a little over my head is bitrate matching. So I know Exclusive Mode is popular but as I understand it you will only be able to use one app at a time with your audio device and that isn’t very feasible to me. I use foobar2000 primarily for music playback and EQ on Peace APO, and I use the Foobar2000 Wasapi Shared Output component plugin. Just installed it in the components panel under preferences as I assumed there was no other kind of setup necessary.

As I understand it, the plugin allows you to set your sample rate as high as possible in Windows Sound Manager (24 bit 96k in my case) and then it will just upscale or downscale audio accordingly.

Like I said, it’s just something I don’t feel like I understand very well so I wanted to see if there’s anything I’m missing or if there’s some other way I should configure my desktop for the best quality playback.