When you clip in discrete time, the spectra is finite (more technically, it's periodic with a period of the sample rate frequency). That means the energy that would go into harmonics past nyquist gets "wrapped" around.
This is the big difference between analog and digital distortion. In analog, it's really quite difficult to create energy at non-harmonic frequencies of the signal. In digital clippers like you have here, it's trivial, and the design problem is figuring out how to deal with it. Most products will use some kind of anti-aliasing strategy (usually oversampling before clipping) to handle it.