Preservation of originally existing (real) data is not the only, not even the primary goal of working in 16bit mode. Many functions in image editing involve interpolations, which, when aggregated, lead to loss of data. This loss is less in 16bit mode.
On the other hand, the advantage of 16bit is often overstated. In response to such a discussion on another forum I made a demonstration with an image converted from raw with ACR, once in 8bit and once 16bit.
I carried out following adjustments identically on both images, always saving and reopening them between the steps (I think this is a far exaggeration for the sake of increased effect):
1. increasing contrast
2. increasing brightness
3. selective color adjustments
4. some curve applied
5. downsized to 16.66%
6. sharpened (somewhat oversharpened)
Here is the result, only in order to make the difference image understandable:
Resulting imageThe above is actually from the 8-bit version. I can't discern any difference between the two versions, viewed even at 400%. The difference layer shows, that there are differences of 1 or 2 RGB value virtually overall; here is the difference layer, with levels amplified:
Difference layerI made some tests with rotating the images, reversing the rotation and downsizing to a given pixel number; only three steps caused one RGB value differences, but again, not discernable for me.
I use 16bit TIFFs in panorama creation, which consists of at least five separate program steps: 1. raw conversion, 2. warping, 3. blending, 4. post-processing, 5. sharpening for presentation. Particularly the warping includes heavy interpolations and the post-processing often stretches over several sessions.