Saving a 320kbps file as what?

steve has replied to the same question I had, only about editing a FLAC file and not a 320kbps file, this:

Does his reply apply in this case too, or is it different because it’s a 320kbps file and not a FLAC originally?

I should have mentioned that by “editing losslesly” the 320kbps file I meant what steve described in his reply I quoted; “cut edits and no processing”.