I have tested Airplay many times. It limits SINAD to 96 dB or so.
As to 98% of recordings, I have a ton of recordings that are above 44.1. I have purchases thousands of tracks that are in high res PCM and some in DSD. And I use Tidal which with MQA upsamples to high-res. So it is definitely a problem for me. From future proofing point of view, I don't like the limitation that Airplay provides even if you have nothing above 16/44.1 right now.
Also, I have found a strange problem with Airplay in some implementation where the timing gets all screwed up. I saw it in a Denon AVR recently.