Logic 32 bit float gain adjustment

I'm doing some test records before a session and I've noticed that adjusting the gain on clipped files simply lowers the "volume" (the flat clipped edges remain). But if I bounce to a new track with overload protection, the clipped area is restored. So the data is there... I'm not just sure why the gain tool doesn't bring it back without a bounce. Strangely, the gain plugin restores the clip, but you don't see it reflected in the waveform, as expected.

Am I missing something? Or is this just how it works in logic?

D