I record mainly classical music, including opera, with a wide dynamic range. When I'm recording on any 16-bit medium I try to get the peaks as close to 0 dB (full scale) as possible without ever actually reaching it. Of course it's better for the peak levels to be 3 or 4 dB below that than 1 dB too high, and with 16 bits at your disposal there's rarely any need to push levels all the way to 0.
But I've been recording live concerts professionally for going on 40 years now, and I expect to be able to estimate levels fairly accurately. When I've made an entire 16-bit recording that is all below -6 dB, then I feel as if I haven't done my job to a professional level. The idea of intentionally setting peak levels at -12 dB makes no sense to me; I might as well just add extra noise in to the signal, because that's all that would be accomplished.
The exception is if the meters on your recorder under-read peaks so badly that you must leave a wide margin in order to reach a higher recording level. The Sony TCD-D7 and -D8 DAT recorders, for example, can record 0 dB peak levels when their meters are still reading -4 to -5 dB. But even then, the goal is still to get the actual peaks up as close to 0 dB as possible without actually reaching it.
The main risk of "brickwalling" a recorder occurs at its first stage of analog circuitry--the microphone inputs. If the combination of loud sound and sensitive (high-output) microphones threatens to overwhelm the input of a consumer recording device, then turning down the record level control and aiming for a lower peak level won't usually help.
Circuitwise, the record level control is nearly always "after" the input stage (IOW it controls how much of the signal from the input stage is sent on to the next stage of internal processing), so it's only controlling the level at which you will commit an already distorted signal to disc or tape. When that's the case you need to reduce the signal voltage before it enters the device.
And any recording device that doesn't sound right in the top 12 dB of its range is badly, badly broken. If its manufacturer won't fix the design, everyone who has bought one should return it for a refund and no one should ever buy that model of equipment again.
--best regards