"It is true that the soft clipping of tubes means you will get less of the odd-ordered harmonics, but this has nothing to do with dynamic range."
Less loudness cues perhaps then. If you perceive the peaks as less loud because that is how people hear, that would seem to infer that the dynamic range is affected, at least as perceived, since the peaks do not seem as loud anymore, just as those nasty loudness cues due to negative feedback that you are focused on make you perceive things as louder as you describe. Two different things causing perhaps opposite effects in regards to how loudness cues are "perceived"? Only one is adding and one is subtracting. I suppose the truth lies somewhere in the middle then when negative feedback is applied appropriately to not produce the undesired side effects.
Less loudness cues perhaps then. If you perceive the peaks as less loud because that is how people hear, that would seem to infer that the dynamic range is affected, at least as perceived, since the peaks do not seem as loud anymore, just as those nasty loudness cues due to negative feedback that you are focused on make you perceive things as louder as you describe. Two different things causing perhaps opposite effects in regards to how loudness cues are "perceived"? Only one is adding and one is subtracting. I suppose the truth lies somewhere in the middle then when negative feedback is applied appropriately to not produce the undesired side effects.

