Short answer. Save WAV 24-bit for distributors and other programs, WAV 16-bit when something asks for CD quality, FLAC for a lossless archive, and MP3 to share on a phone or in a message.
Orbit Waves saves four kinds of file. They all contain the same mix, the one you heard when you pressed play. The difference is size and who will open it next.
WAV 24-bit
Uncompressed, with more room below the quietest sound than you will ever hear. It is the safest handoff to a distributor such as DistroKid or TuneCore, a video editor, or another audio program. If you are unsure, pick this.
WAV 16-bit
Also uncompressed, CD resolution. Some older tools and CD duplication ask for exactly this. For a mastered song, it sounds the same as 24-bit.
FLAC
Lossless: it decodes to exactly the same audio as the WAV. FLAC normally shrinks the file too. Orbit Waves writes a valid FLAC without that compression step, so its FLAC files are about the size of a WAV. Worth knowing before you fill a drive with them.
MP3
The small file. Orbit Waves writes 192 kbps, which sounds fine on phones, laptops, and in messages. Do not send an MP3 to a distributor: the service will encode it again and stack the losses.
Questions
Which format should I upload to Spotify through a distributor?
WAV, 24-bit or 16-bit. Distributors convert it themselves.
Try it on your song
Drop the file into Orbit Waves and press Make it sound finished. Free, no card.
Open the mixer