Here’s an explanation I just got from my friend, converter expert, amplifier designer and all-round expert, Bruno Putzeys that corroborates my contention:
“Physically the converter has an overload point, however you slice it. The only thing floating point representation does is allow you let full scale correspond to a number other than unity. Then, if you have a converter with an SNR of 120dB you can just rebadge it as one with an SNR if 110dB and 10dB headroom.
So yes, for lazy users, and for those who think that making a fixed point recording with a healthy headroom is somehow wrong.”