I find that it is very hard to see the tails of the histogram. That makes it easy to clip either end. In general, I look at the histogram for overall shape and the risk areas, but I also use the blinkies (highlights).
It is certainly possible to have an image that exceeds the dynamic range of the camera. A scene that includes bright sun and dark shade will likely exceed the dynamic range of the camera - or at least make things difficult.
Also keep in mind that the histogram and highlights reflect the camera settings, so if you have selected the Vivid picture control or any other setting that adds contrast for a high contrast scene, the histogram and highlights may indicate clipped highlights that are recoverable.