Most monitors and graphics cards support only 8-bit (per color).
Plenty of monitors support 10 bit colour. You need higher than 8 bit for any colour spaces larger than sRGB, such as DCI-P3 or Adobe RGB, and most good monitors support higher than 100% sRGB coverage.
Out of all the colours that humans can perceive, sRGB covers around 35% of them, DCI-P3 covers around 52%, and Rec 2020 (which is 11 or 12 bit) covers around 75%. Colours look more vibrant when using DCI-P3 or Rec 2020 because there’s literally more colours available.
Plenty of monitors support 10 bit colour. You need higher than 8 bit for any colour spaces larger than sRGB, such as DCI-P3 or Adobe RGB, and most good monitors support higher than 100% sRGB coverage.
Out of all the colours that humans can perceive, sRGB covers around 35% of them, DCI-P3 covers around 52%, and Rec 2020 (which is 11 or 12 bit) covers around 75%. Colours look more vibrant when using DCI-P3 or Rec 2020 because there’s literally more colours available.