Fixed-point arithmetic essentially gives you more resolution at the cost of not having a dynamic range, so in practice you reduce some round-off errors, but overflow errors are much more likely. Overflow ends up as saturation in the context of audio editing and usually sounds like really bad clipping.
In practice, fixed-point or floating-point is better depends on the operation you plan to use and whether you have a good idea whether you'll be able to stay in a fixed range ahead of time [1].
[1] - https://en.wikipedia.org/wiki/Fixed-point_arithmetic