[lo bux racer]

Apply a LF square wave to a speaker and watch what happens. Not disagreeing with the analysis, but clipping produces long duty cycle signals. Long duty cycle signals tend to burn up coils of all kinds (even the VSVs in your engine compartment need to be sized to deal with long duty cycle square waves). The graph you tried to link would show this.

I totally agree harmonic distortion doesn't kill speakers. If it did, the stereos of the 50's, 60's, and 70's would have never worked. They had horrible distortion by today's standards.