In theory, working in sRGB with a floating point pipeline makes the gamut unbounded; that is, because you can represent RGB values below 0 and above 1, you can reach colors that would normally fall outside of the sRGB gamut, so you should not be clipping color anywhere by using sRGB as your working space at 32bpc.
However, your choice of working space doesn't just define the gamut -- it also relates the RGB values the computer uses to the colors we see. Two different spaces may use different RGB values to represent the same color. Since image processing is math based on these numbers, your choice of working space affects how the tools you use affect the image. Changing the working space after you've done some work will give you different -- sometimes very different -- results, because the numbers don't mean the same thing anymore.
The good news is that if you're working in a color-managed pipeline and stick to sRGB as your one working space, what you see is what you get. The bad news is that the tools don't behave as you might expect with colors that exceed the normal gamut. And of course, any non-float tool will break stuff.
If you want to get a little nerdy:
TLDR; Adobe recommends working in the widest space that you intend to output. I think that's pretty solid advice.
(I'm not a color scientist, but sometimes I play one on the Internet.)