Thanks to all for the thoughtful responses. I never know if I'm poking the bear or flogging a dead horse. Clearly, this horse isn't completely dead.
Jerry's over-exposure example clearly shows clipping of the highlights as a big no-no. But I discovered recently in processing daylight photos in Siril that many of my auto-exposed camera JPEGs that the histogram showed being overexposed (and the highlights are indeed clipped) have almost 2x margin in the raw version. So the histogram isn't being truthful about the raw. I was well aware that my on-camera histogram was for the JPEG (slope + gamma + tone curve). But I didn't appreciate just how much margin was left in the raw. I mean, sure, the highlights recovery in ACR and RT hinted at it. But Siril just gives the numbers as I showed above.
For my purposes, I have a standard capture workflow, akin to f/8 and be there: polar align and 30 second subs. I've kept to ISO800 for years because of the 25% histogram rule, but going to ISO1600 would buy me a quarter stop of improvement in read noise SNR. It would also put me much farther into "overexposed" territory for my current sky, at least per the back of the camera histogram. But if I've got the margin (for the sample I gave, I'd still have no clipping), what is the harm in putting my histogram hump further to the right? As Michael points out, most of the stuff I care about is in the hump—and I know how to recover clipped stars. Is my trade-off just potentially some clipped stars for more SNR? In Bortle 10 skies, every little bit of SNR helps—so what is the drawback if I put the histogram as far to the right without clipping the raw?
what is Bortle 10, the scale only goes to 9?
Really? Mine goes to 11:

[Source]
To me, Bortle 10 is just an irritatingly bright sky. And Bortle 0…well, you'll know Bortle 0 when you experience it.
On the actual Bortle scale as defined, I'm currently probably between Class 6 and Class 7. It's a major adjustment, having first learned in Class 3 skies (with occasional treks to Bortle 0 sites).
BQ
Edited by BQ Octantis, 26 February 2023 - 08:40 AM.