So, Lossless audio formats for the iTunes Community?

[Context]

I've been taking to Apple Support on the subject. Apparently it's such a niche topic in 2023 that the responses I've received from the iTunes department were all under confusion. I talked about Audio formats, codecs, lossless conversions, and Apple's AIFF & ALAC for purchased music on the iTunes, but apparently me they mostly receive calls about are accidental purchases and misplaced files. With only little leeway made, they referred to me back to Apple's community support. I've spent sometime reading different questions and response-threats but they're pretty spare in answers and in time. So I figured I'd ask my own...

[Main Question]

Is it possible to achieve (With iTunes Purchases / iTunes Music files that we own) a lossless format? From what I've seen, iTunes only gives you your files in ACC/256 format. But since we bought them (own them?) does that mean that we can uncompress or convert the file to FLAC or in this case, Apple's ALAC/AIFF format?

[Secondary Question]

Does anything happen when trying to convert ACC iTunes bought files (straight from the store itself - N O T A P P L E M U S I C - to a higher audio file? Or are you & always will be, "stuck with the ACC file format" since that is what was given from the start.

[More Context]

I started my iTunes library not too long ago; when I decided to dive into Hi-Fi audio. I figured I'd purchase from iTunes since my devices (apart from dedicated amps/dacs) are pretty well set in Apple's ecosystem; not to mention, but since I've seen and have used "Apple Music's lossless" option, I figured iTunes must have the option/capability as well. I also thought I'd have peace of mind knowing that I can transfer my songs without issues to each and any apple device. But is that just it? Did I enter iTunes just for compatibility not knowing that'll be all you'd get. I thought since I've purchased the song/album directly; I'd be able to have full access to its format. But with more and more research that I do, I'm starting to fear the answer that I might receive. That yes, all the money you've devoted was just that, just compatibility ... nothing more.

[Help me please...]

Please, if the topic is still reliant to some; I'd appreciate any help I can get to build a proper Hi-Fi library of my own; without being tied to a subscription...