The effect is actually called Limiter
In the current version it’s under Effect > Volume and Compression > Limiter…
Clipping is also liming and compression and it’s also the most common kind of distortion… You get clipping if you turn up the volume to try and get 150 Watts out of a 100W amplifier or if you try to make a WAV file go over 0dB, etc. The amplifier is “limited” to 100W and digital audio is normally “limited” to 0dB.)