Can wave files be played on my iPhone 14?

I have about 60 CD’s I want to copy to my phone and have as ‘wave files” (1440 bits) I have presently have an Apple Music subscription and I don’t know how long I’ll keep it. 2 hours a day I listen to Bose noise cancellation headphones on my iPhone and 3 hours to a wired set connected to my Mac mini.

#1 will the phone allow me to copy those files to it?

#2 will the audio output maintain the wave sound ?

#3 how close does the Apple Music audio come to the wave sound. and should I just download those cd’s from Apple 320 mp3 is not good enough.

thanks