First of all, I find it an utter disdain towards their end users' abilities that Adobe doesn't allow to download the standalone installer of flash player, which is so stable and secure anyway, that it gets updated almost every other day.
Now the even bigger problem: (Win7, 64bit. Firefox 49, 64 bit) I install flash player with the online installer (no other choice). After installation, the FP settings on the control panel still says "Flash Player (32 bits)". I cannot install it in a more "64bit way" than this. What is wrong ?
Then a symptom, which may be a consequence of using the wrong plugin with 64bit Firefox: the "Plugin container for Firefox" processes eat up a lot of CPU (30-40%) and several hundred Mb's of RAM, even without opening any flash-intensive pages. It happened also in the past sporadically, but now it is always the case, completely deterministic.
Thus, by now flash became virtually unusable.
The 'Flash Player (32-bit)' item you are seeing in Control Panel > All Control Panel Items is the Flash Player Settings Manager, which is a 32-bit application. This is not the Flash Player plugin itself.
For the performance issues you are experiencing, please file a bug at https://bugbase.adobe.com. Include as much information as you can about your system, and a direct URL to the Flash content exhibiting this behaviour, so that the team can investigate it.