The waveform could have a squared-off appearance and still sound OK. It depends on how the clipping occurred.
If it was the result of overdriving a mic preamp, it might sound fine because the artifacts generated by analog clipping are harmonically related and therefore less audible and less annoying. Artifacts generated by
digital clipping, OTOH, are not correlated to the original signal, making the distortion more audible and more objectionable, and may also cause aliasing, which is even more obvious and objectionable.