Questions about clipping in general (not Cubase specific)

Yes, my mistake, I took that to mean that the input channels had to be lowered. -Sorry.

So, a final re-statement for clarity: If you like your mix, but it’s too hot, you can just bring down the master bus instead of re-balancing your input faders.
You can do that with the master trim if you want to alter the master plugin drive, or with the master fader if you just want to set the level for the output file.
Cubase’s floating point math will compensate for any unintended (plugin related) overages within the mixing bus, as well as elsewhere.