Yes, in some ways stuff above 20K can be heard.....
Send into a cheap A/D converter with sloppy input filter. The things above 20K get wrapped around and back below 20K. And since they are no longer harmonicly related, they stick out to our brain.
Make that input filter very sharp and you start running into phase and other issues in the passband below 20K.
The standard CD rate of 44.1 just makes it hard to cut things off. I like 48K, to me it sounds better.
I have heard from a respected audio engineer, he makes his living running a studio and mixing albums, that something he couldn't hear made a difference. For some reason an input to his board, one of the last large format completely analog boards made, had some ringing when hit hard. The ringing was about 19.5K. No one in the studio heard it, and it only lasted a short time when it happened. But it did make the compressor on that channel think it had a valid signal it had to deal with. That caused him to set the compressor differently.
He only found out later, after the album was mixed and mastered and sold. Some people with bat hearing heard this little chirp at times. The input gets hit, it rings after the signal is gone, then the compressor kicks in and yanks things down. That is the basic story as I remember it from him.
To other's questions. A square wave at 18k will sound just like sine wave at 18k, unless you can hear up to at least 54k.
Faster transition times, mean nothing in terms of hearing or timing of audio sounds. They do require greater bandwidth.