Uh, no. That is not correct. All this "square top of the wave" stuff is baloney. The loudspeaker dose not care about the waveform of the signal.
Too little power cannot overheat a loudspeaker. Too much can.
However, the clipped wave being fed to your power amp causesa different voltage. So, directly, no, the speaker 'dose' not care, but after it receives a longer duration of heat from the powr amp, it 'dose' care...
As for "2 little power cannot" I am referring to situations where the power amp produces in excess of its rating due to input over-voltage. Therefore, You are ABSOLUTELY CORRECT in your assertion that too little power cannot do harm. But if the preamp is pushed to overfeed the poweramp, The boosted signal output is a boost of a waveform with higher voltage, thus, more output power. Also, this power comes with a longer heat cycle, due to the duration of the top of the wave being nearly flat. And can clearly create scenario where the amplfier gives more voltage to the load.
The situation of feeling underpowered may even force the user to do exactly what he needs not do, and crank up a bit too much, creating the excessive output.
As I said before, it would take a SLIGHTLY underpowred setup, with a relatively low amount of output regulation to create the scenario.
Somene who is a few percent uderpowered, attempting to raise a few extra db's can create the situation easily. If they have a REAL amp.
On the other end of the scope, so called Over-powering...is not overpowering, due to the many CRITICAL factors that apply to a reactive load in an enclosure. A 150 percent capability of an amplifier is just a capability.