I haven't seen this argued as 16-bit DCT, but in color space conversion. The gist is that all 8-bit RGB values cannot be represented properly in 8-bit YUV420, so you're supposed to use 10-bit to get "proper" YUV values. But if you start with an 8-bit encode you've already thrown away the extra precision, so why waste the (considerable) extra compute on 10-bit just to make sure you don't truncate the already-truncated YUV?
I have a project in progress to measure all of the variations, but from quick testing with CRF encoding the same value results in much longer compute AND a larger file in 10-bit versus 8-bit. The larger file has a slightly higher VMAF score, as would be expected from spending more bits. The work is in finding a set of encoding parameters to measure the quality difference at the same output size, and to measure the relative improvement across CRF vs size vs bit depth.