TIFF is not and contains double the data (8 vs 16 bit).
Incorrect.
It means that jpgs can only store 8 bit per color channel while tiffs can store either 8 or 16 bit per channel.Does that mean JPEGs can store more than 8 bit per channel or that TIFFs aren't 16 bit per channel or ...?
Does that mean JPEGs can store more than 8 bit per channel or that TIFFs aren't 16 bit per channel or ...?
No. TIFFs aren't automatically 16 bit, although they can be... most are usually 8 bit and I'd bet the TIFFs that come out of the OPs camera are just your plain old vanilla 8 bit kind. So what I'm saying is that TIFFs are not automatically 16 bit.
16 bit TIFFs are comparatively rare outside photography, by the way. Might work on an image in 16 bit to minimise any posterisation in Photoshop, but will always convert to 8 bit after my CMYK conversion.