Is this clipping?

Well, if the system is clipping as a result, the results will not be good, that is for sure!

Overdriving the speakers won't help either.

Both together is the double whammy.

Overdriving = clipping.

Overdriving the amp = clipping. Overdriving the speakers is something else. Either way you stand a chance of damaging drivers.

Many audiophiles believe their tweeters are not in danger with tube amplifiers because they clip so graciously. This not so.

Overdriving the speaker results in damaged woofers.

Agree overdriving amp (clipping) and overdriving speaker are two different (bad) things.

With loud recordings, you have a lose/lose scenario if amp is underpowered. You can keep the volume up as intended and distort due to clipping or be forced to turn it down whether you want to or not.

Regarding overdriving the speakers, you have a different issue but the same choices, distort or turn it down.

if you have both, ie underpowered amp and speakers/drivers that cannot go loud and dynamic effectively, you have th edouble whammy which is more common and more severe with modern loud recordings.

Address both these issues and at least you are in a position to play the game optimally regardless of recording quality.

Clipping is the consequence of over driving.