It’s a continuum. Running at wide-open throttle is harder on an engine than running at 3/4 throttle; that doesn’t mean that an engine operated at 3/4-throttle will last indefinitely.
Similarly, running at 5000 RPM is harder on the engine than 4000 RPM, but 4000 RPM isn’t problem-free.
Running at higher loads:
-obviously puts more stress on parts. Generally not a big deal, as the parts are designed for this; mechanical failure of major engine parts (piston, conrod, crankshaft, etc.) is pretty rare.
-causes higher peak combustion temperatures, so everything in there is running hotter. Again, the major engine parts don’t care much, but the oil viscosity goes down when it gets hot, and if it gets really hot, then it starts to break down.
-causes more blow-by of combustion gases past the piston rings due to higher pressures in the combustion chamber. This stuff gets into the crankcase oil. The oil has additives in it to deal with this stuff, but it won’t last forever.
Having said all that, engines are designed to do what they do. In my car or on my motorcycle, once the engine is fully warmed up, I won’t shy away from WOT. My last bike went 135,000 miles before I sold it, never had a bit of trouble from the engine despite a lot of sporty riding. Car is at 100,000 miles right now, no engine issues.
Engine oil is also designed to do what it does, and engine designers are very conservative when it comes to specifying oil change intervals. Some friends of mine sent samples of used crankcase oil from their bikes to oil testing labs, and the results indicate that they could safely double the oil change interval to 12,000 miles without any detriment. If you use decent quality oil and change it at the specified interval, then go ahead, use your engines to have as much fun as you can.