A pixel can hit a limit in two places. The sensor's full wellLoading... is the most charge a pixel can hold; beyond it, extra light is not recorded. The analog-to-digital converter has its own ceiling, set by the bit depthLoading...: 255 at 8 bits, 4,095 at 12, 65,535 at 16. Cameras are usually set up so one of these is reached first, and either way the result is the same: every brighter level is recorded as the same number.
Because those levels are merged, nothing after acquisition can separate them again. Contrast adjustment, flat-field correction and color deconvolution all operate on the stored numbers, and a clipped pixel has already lost the information they would need.