Yup, more details about the EQ can be found here if you're interested. And by the way, there's a configuration feature that will let you "cap" the volume at 0db so that you don't accidentally go into clipping range.

In practice, if you're using the player's EQ as "all cuts", and playing normal music which rarely makes a certain specific frequency hit maximum deflection for long enough for the clip to be noticeable, it's possible to sometimes exceed 0db on the volume control without noticeably clipping. But it depends on the music and how you've got the EQ set up.