Is the original WAV bit depth (24 or 32-bit) kept in the exported file?
No. The trim always exports 16-bit PCM, even when the source file is 24-bit or 32-bit float. The original sample rate is preserved normally, only the bit depth is standardized to 16. To keep 24 bits intact, use this result as a reference and redo the cut in a DAW.
Why can I not select less than 20 milliseconds?
Because 0.02s is the internal floor used both for a trim selection and for each half of a split. Below that, the zero-crossing snap window (5ms) and the de-click ramp (8ms) applied at each edge would not have enough samples to work properly, and the result would sound worse, not better.
Is trimming a WAV different from re-encoding the file?
Yes. There is no re-encoding in the lossy-compression sense, WAV never goes through a lossy codec. What happens is a direct read of the selected segment's PCM samples, followed by a zero-crossing snap and an 8ms micro-ramp at the edges, then a new 16-bit WAV header written around that data.