The limit of the dynamic range of amplitude in time domain does not carry over to magnitude of components in the frequency domain. A square wave can be represented by an audio signal with a resolution of only 1 bit, no dynamic range whatsoever. But in the frequency domain, it is defined by sin(x) + 1/3 sin(3x) + 1/5 sin(5x) ... The fractional coefficients illustrate this point. The upper harmonics are an infinite series with ever smaller coefficients, with no limit on their dynamic range.
Also, to respond to your follow up: yes, for display and visualization purposes, you should pick some limit like -120 dB and ignore the content below. I think the rationale for ignoring content below -120 dB is that the dynamic range of human hearing is about 120 dB. You might also consider the content below -96 dB quantization noise, but I'm not certain about that.