I did succeed in producing a four quadrant multiplier in the end but required some unholy things to be done.
That and noise and the cost of precision make it almost useless compared to a digital computer now. The rise of direct sampling SDRs confirms this. Crazy dynamic range, excellent noise floor and hardly any analogue up front.
Edit: Just looked up "ring modulator" on Wikipedia. It says the name comes from the ring of diodes in the canonical circuit. I'd always heard the genesis was from the bell-like sound it made. And there are better ways to build analog multipliers than four diodes in a circle.
Then remember that this is only the ration on our most used digital numbers because it's easy and cheap. Applications that require precision normally go with a 2^113 ratio.
But specialized CPUs often get different number sizes. It's common for specialized NN and GPU hardware to use 32 bits floats, what leads to 2^24 definition that is actually around the top precision you will find for analog components on the places people (instead of labs) go for buying them, at least on the countries where access to those aren't restrict due to nuclear proliferation concerns.
There is no conversion happening on the compiler level unless you choose to run with soft-floats for reasons unknown.
You don't need specialized GPU hardware for 32bit floats either; that is the default. You need specialized hardware if you want 64bit floats however (CAD Designers love those). Half precision is also available on all GPUs that people will likely care about.