I don't think a low ceiling is a barrier to traditional design. Real colonial period homes have low ceilings. However, wainscot would make the walls look shorter, so I wouldn't recommend doing that in this room. Think pared down traditional. Maybe use a toile fabric or just keep it simple, and a soothing pale wall color. Or you could use a more intense color - it sounds like the room gets great natural light.

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I agree that wainscot in the entire room would probably make the room feel smaller, but instead I might do a full wall of paneling behind the headboard, only. Something like this, perhaps:

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If wainscoting can’t be done what else can give me that wow factor. I love traditional style but I want formal wow

the low wainscoting would just make the room look shorter. if you really want wainscoating think about a taller one, just verticle trim, a verticle wallpaper or even just a high headbord. you want to bring your eyes up. mount drapery at ceiling height too. in a small room its also better to have just a headboard... no footboard.

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Ok anyone have ideas of what I can use to give the room some architectural detail traditional style

That is if I shouldn’t do wainscoting

Blue is your friend when you have south light. ( No wainscoting for a bedroom.) Then install rods as high as possible. Straight panels to the floor. Ceiling white, white...B.M. Chantilly Lace, flat finish.

Yeah, unfortunately I am not a blue person. I like neutrals with color, possibly put in the room with pillows or blankets ET see

I am a white black, gray tan beige kind of person if I had to pick an accent color, I don’t know what I would do lol

Look into B.M. and ask for suggestions for south light. I'm sure there is a neutral suggested.

Unfortunately, I am starting from scratch on this project. I need to pick flooring color wall, paint, and somehow add detail into the bedroom.

since you are starting from sctratch you really should start idea books. look at photos in houzz on bedrooms and save absolutely EVERY one you like. comment about what you like. then you'll see that there are certain colors and floor plans in common go back to them and delete after you've saved a whole lot of them if you need to. I've done the same on Pinterest. then just try to duplicate the colors and feeling in your own room. I've saved pictures of things just to share like the ones I posted in a comment previously.

I think that is an awesome idea unfortunately everything that I like I cannot do because I only have 7’2” ceilings

that really is short but I think you are letting that stop you from starting. it is a dilemma but one you have to work with. a vaulted ceiling would be wonderful but a low ceiling can be cozy if you make it that way. 16'X14' is a great size bedroom. you should be able to decorate any way you'd like. king beds, night stands, bench at the end of the bed, luxurious bedding. in any room the decorating is done mostly below eye level. its suggested to mount pictures or grouping of pictures at 60 to the center. not too much decorating above that except for drapery. to draw away from the low height keep everything else on a lower scale and draw your eye up as much as possible with floor to ceiling drapery, vertical wallpaper or shelving... anything doesn't split it horizontally. it would help you to get the best suggestions to post pictures of all 4 walls. I suggest standing in every corner of the room taking a picture of the opposite corner so we see how everything relates to everthing else with just 4 pictures. draw a floor plan that shows demensions along with window, door and closet locations.. work with the space you have. decorate with colors and things you love and you'll be happy with the room. also share pictures of what furniture, bedding and accessaries you currently have that you may want to keep. I always shop my house before looking for anything to purchase