This could be a bug, a feature, or pilot error:
Problem: the bit meter doesn’t show the correct values while rendering.
Setup: One clip in the montage, two plugins in the montage track (external effects out to an analogue chain, and a limiter), one in master section (extra metering), one in the dither section, and speaker correction in Playback processing.
When playing back, all is well, and the bit meter shows whichever word length has been chosen in the dither plugin. However, when rendering (in real-time, due to the exfx), the meter always shows the full 32 bits. No settings have been changed. Note that the resulting file has indeed been reduced in bit length, and ticking/unticking Bypass master section makes no difference.
Am I missing something here? This actually freaks me out, as I’m starting to second-guess whether the dither has actually been applied. Also note that by moving the dither plugin to the montage clip/track/output, the bit meter operates correctly during the render.