I think feedback definately has an effect on the way an amp overloads ,and the spectrum of the distortion produced .
Of course its true to say an amp with feedback applied will produce less distortion than without , but if you keep increasing the input voltage you will see an increase in higher order products when it eventually does distort , its something to do with the feedbacks abillity to correct being hampered during moments of overload , Audio Note had an interesting essay on it at one point ,probably still available on their site ,negative effects of feedback or something like that was the title.
Its not all bad , feedback in moderate amounts in guitar amps definately contributes to what we call tone , in the case of push pull much of the second harmonic cancels ,revealing more upper harmonics . The Marshall amp which was derived from the Fender Bassmann uses a presence control in negative feedback loop from transformer secondary . The Vox Ac30 on the other hand doesnt use feedback to linearise , instead it runs class A .