Well, this is the simple fact:
Analog clipping introduces harmonics and intermod, a great deal of analog clipping is well over 20khz, and just fails to go through the equipment.
If you clip a DIGITAL signal, you create harmonics, they ALIAS, and all wind up back in the band you can hear. Furthermore, they are generally anharmonic, i.e. they sound (bleepity bleep) awful.
There is no aliasing at the output of a DAC. That only applies at the input of an ADC.