Using statistical distance yields a crude bound of $\sigma$ noise bits for $\sigma = 2^\lambda$, and Micciancio and Walter's 2018 Eurocrypt paper implies that $\sigma = 2^{\lambda/2}$ is sufficient. Li et al.'s work (https://eprint.iacr.org/2022/816) takes this further and applies it to the $IND-CPA^D$ setting which is the same as the threshold FHE setting, even in BGV/BFV or Regev encryption (we flood to protect the ciphertext noise). Li et al. suggest 47 bits of noise if you can limit the number of queries per ciphertext to $\leq 2^{10}$.
Some more details about the Li et al. paper: they separate the computational security from statistical security described in-detail in Section 4.4. They call this $(\lambda,s)$ where a scheme uses a $\lambda$-bit secure computational assumption (e.g., RLWE) and a $s$-bit secure statistical assumption (regardless of an adversary's time resources). That is, $s$ means that any adversary has at most $2^{-s}$ success probability. Here is where they argue that just under 47 bits of noise flooding is secure in most RLWE settings. This is from the formula
$$
\sigma = \sqrt{24n\alpha}2^{s/2}
$$
where $\alpha$ is the number of adversarial threshold decryption queries per ciphertext, $n$ is the RLWE ring dimension, and $s$ is the statistical security (an adversary has $2^{-s}$ chance of success). Let $n = 2^{15}$ and restrict $\alpha = 1$, then this is about $10 + s/2$ bits for $\sigma$. So, 20 bits in PALISADE corresponds to roughly $2^{-20}$ ($s=20$) success chance for any adversary (somewhat high). Li et al. suggest 47 bits because they set $\alpha = 2^{10}$, $n=2^{15}$, and $s=64$.
A large sigma really only effects performance when using CKKS, since you want the message and the noise to be under $64$ bits so you can use the RNS version with 64-bit native arithmetic. BGV/BFV or Regev encryption aren't as effected since you can just threshold decrypt with an extra RNS modulus or two. I know openFHE (https://www.openfhe.org/) has a 128-bit backend for CKKS. This would allow for a large $\sigma$ and lots of bits of precision for the message in CKKS at a 4-8x slowdown.