Android 3.1 and up supports FLAC.
Processing power is not as demanding as Video, especially HD video so any newer Android media player should do.
The big question is what you intend to do with a 24bit audio signal sampled at 192kHz.
To my knowledge no digital audio converter exists that can handle the signal to noise ratio of 24bit.
Sound reproduction systems do exist for 96kHz but why do you want to reproduce something that not even your dog can hear and artifacts can occur from intermodulation if something in the sound chain is not perfectly flawless.
Also the benefits of oversampling are lost if you use 192kHz for the actual audio content.
24/192 audio is overkill and only useful if you are producing music where digital filtering and processing requires computational overhead for 16bit digitised audio samples.
Final mix for playback is bounced back to 16bit PCM.
I would strongly suggest to read this about 24bit 192kHz:
which also includes some test samples in FLAC and WAV, that may be useful to test if your Audio system does not add intermodulation distortion coming from 96 or 192kHz signals.
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