Yes, 16/44.1 was and still is the CD standard, which as was mentioned corresponds to a bit rate of 1411.2 kbps (kilobits per second). Streaming services have traditionally used much lower bit rates than that, coupled with lossy mp3 compression to partially compensate for the lower rate, in part because until fairly recent years most people's internet connections would not have been fast enough to work reliably at 1411.2 kbps.
Enjoy! Regards,
-- Al
Enjoy! Regards,
-- Al