This is an interesting comment, worth spending some time on imo. It entails understanding
color spaces (camera, colorimetric and human) in 3D, something most people (including myself) haven't done much of. Can you elaborate Francisco?
Here is an example of clipping due to white balance and color space limitations and the effect of exposure. The camera is the Nikon D3 set to AdobeRGB, but using the default picture control with normal contrast. The camera is set to 12 bit NEF. A saturated yellow flower causes clipping of the green and red channels as shown on the RGB histogram(yellow = red + green). The exposure time for 3 shots is shown. Reducing exposure eliminates the green clipping, but the red clipping can not be removed with exposure reduction. The raw files are not clipped. The camera luminance histogram does not show clipping and was not helpful in this case.
Looking at the 1/200 s exposure with ACR and rendering into ProPhotoRGB shows no saturation clipping. Exposure is - 0.5 EV due to the baseline offset of +0.5 EV that ACR uses for the D3.
In AdobeRGB there is considerable clipping of the reds.
Neg exposure compensation eliminates the clipping, but the image is quite dark.
Looking at the image and color spaces with Colorthink demonstrates the underlying principles. The yellow is out of gamut of Adobe RGB with normal exposures resulting in high luminance yellows. The gamut of RGB color spaces decreases with luminance and lowering the luminance can bring the yellow into gamut at a lower luminance.
Unfortunately, the yellow is out of gamut of my Epson printer as shown. For printing one could edit the yellow to give less saturation or allow clipping to occur as long as the highlight yellow detail is not completely lost. The latter approach works best for me.