Clipping is a danger not just with sRGB gamut but in any case where you process a wider dynamic or colour range into a narrower one—for example, that is essenti

Clipping is a danger not just with sRGB gamut but in any case where you process a wider dynamic or colour range into a narrower one—for example, that is essentially what photography is (because a sensor capable of capturing the full range of human sight does not exist, and neither does display media capable of reproducing the range of values captured by a modern digital camera sensor). If you are a photographer, this process starts with camera settings at shooting time and ends with delivery to preferred display space. I believe the whole process can or even should be a creative one rather than purely algorithmic, and fitting dynamic range is an opportunity for you to accentuate/attenuate the right aspects of the image to convey a desirable effect. (This is not unlike microphone placement in audio recording, or equalisation/compression in subsequent mixing. First you deal with extreme range of actual physical sound and limit it to capabilities of recording media, then you further fit it to the range of audio reproducing capabilities of consumer equipment and to modern listening conditions, and throughout the entire process you accentuate and attenuate.)