Logic's red lamp warning system that shows clipping is just that - a warning to you that you signal is going over the 0dB digital level
Only on output channels.
Note though you will not here any distortion from Logic as it is processing the audio in 32bit, floating point. You could actually have your master fader meter showing +500dB over "clip level" and you still wouldn't hear distortion, assuming your sound card output level was turned down enough.
Eek - no!.
On regular audio/audio instrument/aux channels, this is the case - you can happily go over 0dBFS with no real consequences (and certainly no clipping).
This is *not true* for output channels. Clipping is clipping, because it's at the output channel the 32float signal is being converted to fixed point to be sent to the audio interface. And where there is fixed point audio, there is an immutable, fixed, hard, 0dBFS maximum that you can't go over, and more than a couple of samples at 0dBFS in a row means clipping.
If your master fader is over clip level, you're audio, and you're audio interface, is clipping - the exact audible result of which will vary depending on the audio and the system involved. You shouldn't be mixing up this high - headroom, headroom, headroom, people!