Does Apple Music store original ripped music in cloud?
Actually, according to this Apple Music support page, lossless formats will NOT be preserved in the cloud:

"Songs encoded in ALAC, WAV, or AIFF formats will be transcoded to a separate temporary AAC 256 Kbps file locally, before they're uploaded to iCloud."

Meanwhile, the Apple Music product description states that they "compare every track in your collection to the Apple Music library to see if we have a copy. If we do, you can automatically listen to it straight from the cloud," which suggests that higher quality files do not, in fact, replace Apple's default in-cloud counterparts.

Sorry to dash your dreams. Maybe you could disguise the metadata on each of your files with slightly-off album names to prevent Apple from recognizing them, then use a higher quality file other than the formats mentioned above, which would be converted to AAC. Alternatively, Google Play's default bitrate is 320 kbps, and its uploading service is currently free.