This is not accurate.
Loudness (or Loudness Compensation) is simply an eq setting which should be enabled when listening to certain audio at low volume. Normalizing audio is a completely different function, which brings the highest peak of an audio file to a target level (usually 100%), thus bringing the audio to its highest level without clipping.
The Normalization function in any DAW as well as FCP, should do this whether or not the original level of the audio was shy of, or had already passed into red. So I did a little test.
In FCPX, I started with an audio clip that was already pushed into the red, and applied this Loudness effect. If it were truly a Normalize function, it would have brought that signal down as far as it needed to avoid clipping. What it did was just the opposite, in that it pushed it further into the red, indicating that it is not a Normalize function, but rather a Loudness/eq setting. Which is what it's labelled, after all, so at least Apple got that correct. But no user should ever think that Loudness and Normalization is the same thing, and as far as I can tell, there is no Normalize function in FCP.
And on that note, it's unfathomable that there isn't a Normalize function in FCPX. It's literally the most basic function of audio post-production, and it's especially mind-boggling when you see all the other audio filters and effects included with the software, but yet Normalize is nowhere to be found. If Apple ever wants FCPX to be seen as something other than iMovie Pro to be used by amateurs and hobbyists, they should get on this. Then again, I've been hitting them with that suggestion since 10.0.1, so I guess it's just not one of those things they think is important.
http://en.wikipedia.org/wiki/Audio_normalization
http://en.wikipedia.org/wiki/Loudness_compensation