Yes, of course the signal out of the DAC is purely analog. The signal is referenced to 0dBFS on the digital side and also something like dBu or dBv on the analog side (although it varies from part to part). I should have been clearer in stating this. :)
But the main point is that there are signals beyond all 1s in the data sent to the DAC if clipping exists. This is confusing to many because the digital math as commonly taught typically only refers to 'inside the box'. I leave this exception out of any workshop or uni course because of the confusion, but it should be known more widely.
Sounds like the zexy [limiter~] is better than many commercial plugins that don't upsample! As we know, the hard clip can create some very nasty aliasing artifacts and when done in the box there is no way to undo that damage.
Best practice is still to keep the peaks away from full scale even if using a very good DAC that can del with clipping well.