Until you do, you have no clue what voltage your amp is trying to make when the warning light comes on/
It could be, but the """clipping""" light on an amplifier has no way of detecting this. Even an extremely sophisticated circuit you could build into a functioning amp would only compare the input waveform to the output one and then react when the output was outside of some set tolerance. A sensor which somehow told you when you didn't have a clean looking waveform would be on constantly at any power level whenever you played any sort of music using overdrive or similar effects.
I'm relatively certain that all of these "clipping" indicators is current and/or voltage sensing set to whatever point the manufacturer decides is safe operating limit of their amplifier.