Is it correct to say "a bit"?

Excuse me, I'm a bit confused about something. Could you clarify whether it's appropriate to use the phrase 'a bit' in the context we're discussing? I've heard it used interchangeably with 'a little,' but I'm not entirely sure if they're always interchangeable or if there are specific situations where one should be preferred over the other. Could you please elaborate on this and provide some examples to help me better understand the distinction, if any?