Clip is antialiased, Airwindows-ized hard safety clipping, nothing more. This is basically the bare-bones freebie loudenator: the simplest, cleanest, loudest of them all. It’s got a touch of the ADClip mojo helping it keep treble from glaring under stress, but none of the fancy bypassing or 3DClip elements that ADClip adopted.
This is for you if you need to use Airwindows stuff and you’re broke. Stick this on the end of your mix buss, with DitherTo after it, and mix good and loud into it. It will stop overs, that’s what it’s for, and the treble won’t be too glare-y compared to straight digital clipping. None of the fancy Airwindows stuff can really go louder than this, they just sound better while trying. Sell the resulting music to record execs or something, and save up to buy the real Airwindows plugs. (but this is still real, it’s just real crude ;) )