> Probably thumps like crazy.
Not as bad as a Corgi in the dryer.
What Doug said.
The attack time is like 30ms, so the thump is like 5Hz. The 0.01+330K interstages low-cut at 60Hz. So it approaches 40dB thump-reduction, plus the output transformer's bass-cut. The AGC voltage may be near 100 times the threshold signal. So thump will generally be lower than signal. The release time is like 1 second so for many programs it won't be thumping constantly. Unless you really abuse it.
Note the limit-level control is "Volume speaker". The idea is that the loudspeaker will not exceed a set level. But it isn't really supposed to be limiting sweetly; it is too crude and has no GR indicator. I think it is a line-amp with accidental overload protection for driving a power amp rack. The short-bass interstages suggests it is speech-only, not say a movie theater house system.