Under-torque can cause studs to break off too! Once the wheel slips off the hub lip (even on the full floats, only the first 3/8" is a true 4.88" then it tapers smaller), the wheel will load the studs in bending, and they fatigue.
Even if the wheel does't slip off the hub, the lack of clamping can cause wheel to spin and strike the studs every time the torque goes from driving to braking. When my loose lugnuts slotted the lug holes in the wheel (which then caused it to crack, or maybe the cracking cause the lugnuts to loosen up
) , I swapped out the studs as well, even though they were visibly intact.