Hi GF1701,
I'm Rodrigo and I will help you.
You are right, saving the file with a higher bitrate than the source file will not improve the audio quality.
To set the Stereo Mix bitrate, right-click the volume icon on the taskbar > Sounds > recording tab > double click Stereo Mix > Advanced tab > Select the sample rate and bit depth on the dropdown menu.
Depending on the application you use to record the audio if it takes exclusive control of the audio device, this configuration should be done on the program, changing this setting on Windows will not make difference.