You might damage membrane from overheating, but most likely not from 500kHz switching frequency. As for switching frequency level following signal level - your understanding of class D output is poor. Amount of switching noise is constant independent of the signal level and in your Stereophile example equivalent to power of 4mW (of inaudible frequency) on 8 ohm speaker.
This switching noise is only dependent on the switching frequency and the filters cutoff frequency. Amplitude of the music signal has nothing to do with it!!! If anything, switching noise at extreme duty cycles will be lower. Signals of 10% or 90% duty cycle represent lower amplitude (in comparison to no signal represented by 50% duty cycle) of the root frequency (500kHz) and a little bit higher harmonics. After filter amplitude of 500kHz will be lower (and not higher) at high music levels.
This switching noise is only dependent on the switching frequency and the filters cutoff frequency. Amplitude of the music signal has nothing to do with it!!! If anything, switching noise at extreme duty cycles will be lower. Signals of 10% or 90% duty cycle represent lower amplitude (in comparison to no signal represented by 50% duty cycle) of the root frequency (500kHz) and a little bit higher harmonics. After filter amplitude of 500kHz will be lower (and not higher) at high music levels.