The part to consider is the last +. That means it's beyond recognized specs for the caliber.
I load ammo, I read the books, I work up to a load, and I can tell you that you will know when a load is really hot, and I can load you a round that will destroy your gun quite easily. My gun destroying load would be considered a +P+.
That said, I don't think Speer or Federal is going to make any friends loading ammo that is going to blow guns up and maim the operator. They have limits, and when they exceed those limits they are required to label the load +P+. Will frequent use damage a gun? Probably not. Accelerate the wear? Obviously. Maybe you have to change springs more frequently.
Can you see excessive pressure damage by naked eye? You bet. Stressed pins, joints and even metal will deform, discolor, bulge crack, swell and wrinkle. It does that just before it explodes, rips, buckles and tears. The first time you run a really hot load through a gun you will make up a couple new cuss words, then start looking at your gun figuring you'll find a lot of mangled and warped parts. It's amazing what guns will take, but a reloader can definitely make a gun-buster round.