Another technique you might consider for dealing with loud clapping is to duck the level down to something more reasonable during the applause. An approach that I use now in Audacity is to create an extra track containing a steady tone, mute it, and use the Auto Duck function on a selected section of audio. It can be a bit fiddly, but I'm liking the results better than chopping off the peaks of the applause, especially so when it's much louder than the music.