JPEG vs TIFF. Explore option use more color information

JPEG with 8bit and 16 million tones vs DNG(TIFF) with 16bit and 286 trillions possible tones!!

Thats alot of lost data if not used. Also requires and mtf hunk of a computer to process.
But is there any chance to extract and use all this info from colors?
E.g in those areas with close or hard to get good definition/separation like grass and snow

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