The use of clipper plugins instead of just limiters is receiving a lot of attention right now for modern music production:
I’m not entirely sure those would result in the clipping you’re seeing in the finished audio… But just thought I’d mention this - because when I first heard about it, I thought “no way…!”
I would leave that to my mastering engineer.
If you need a more precise view, I think the answer is use a tool more designed for that work. There is the editor window inside Cubase, just click on the clip and press enter to open that. (that might not be default behavior I forget now, but it’s how I have mine set up)
Or there is Spectral Layers which lets you really dig into the audio. Or if that’s not enough, there is always Wavelab. Both of these can be opened right from within Cubase, if memory serves. Wave lab will let you zoom in down to the sample level if you really want to look at that.
My only complaint with any of these tools is that Steinberg hasn’t ever really seemed to put much, if any, effort into making the keystroke short cuts and mouse behavior (especially the scroll wheel) allign between these apps. So jumping back and forth between Cubase and Wavelab can be a fun experience in messing with your muscle motor memory.
I have a hunch the current waveform display algorithm is optimized to use as little resources as possible. Any improvement in visibility might come at the expense of performance. A DJ app like Traktor is using the CPU much less than a DAW so it can spend the CPU cycles on something fancy.
However, I am not an expert on this issue.
For sure it would be nice to be able to see more details without a negative impact on performance.
Curious to learn more on this - but only in a brand new topic if you’re bothered… 
As far as I understood the OP, the concern is with the overview, i.e. the wave representation in the audio event of a track, not in the wave editor. This display is currently only two-dimensional in Cubase (amplitude vs time) and therefore not really meaningful for highly compressed audio (“sausage”). I think it would be useful to be able to display frequency as the third dimension, similar to the rainbow display introduced in WaveLab 12:
