There is a generally accepted alternative to perfect-quality WAV files for production. What is it? FLAC? WAV has some interesting problems such as time limits and inability to handle more tracks than 2 (Stereo).
FLAC. There are no artificial size limits, metadata is better than WAV (more standardized and more widely supported) and of course the files are smaller.
But as you probably know, it’s not really a “play anywhere” format like WAV or MP3. And FLAC doesn’t support floating-point.
ALAC should be about the same as FLAC (I’ve never tried it) but it’s not as popular and less widely supported.
If I’m just saving something temporarily I use WAV unless I run into the size limit.
Otherwise, I usually have other considerations… I make a lot of MP3s and I used to make lots of DVDs which require AC3 for surround sound, etc.
…I WISH I would have made a FLAC archive of all my CD rips but I started with MP3 a long time ago and I don’t want to re-rip all of them.
In theory, wav files should save and load faster than FLAC files on a Windows computer because there is no processing and it’s the same as it is stored in memory. But we are talking about milliseconds.