Having looked at rules in the CAMS manual some classes allow + 1%. I believe this to be for eg an engine near capacity that is honed say 1 thou bigger for extra piston clearance. Many production based engines need more clearance or you scuff the skirts badly.
As far as I am concerned there is no way a standard production car engine will live safely on road car clearances without damage.
Piston to bore often needs to be doubled say 2'5 compared with 1 or even .08, crankshaft oil clearances checked and sometimes doubled, 1 thou to 2.5 thou or even with synthetic oil 1.8-2 thou. Very occasionally lifter bore and cam tunnel clearances as well.
Cam tunnels are a real pain, both OHC or OHV when you fit new bearings they on occasion have to be line bored. I have seen engines with low oil pressure that have hammered the cam bearings. OHC can be a bigger problem as there is no bearings, if and when the head bends you are sometimes forced to bin the head, it may well run bent but something will give eventually, either the journals fail of the cam breaks. I have seen both. The harmonics from a camshaft is generally horrendous.
This only applies to engines being raced when fresh, turned to maximum rev limit lap after lap. For road use the standard clearances are fine as the engine should be 'run in' and it all settles down to useable clearances and even after the initial period is seldom ever turned to max rpm.