Yes, that's true. But again, you can be stressing the engine as much as possible and be accelerating, or decelerating (because of a hill or whatever), and the engine doesn't care about the difference.
The other thing is whether or not it is what we think of as "lugging." At top speed, for example, you are certainly stressing the engine, and you are obviously at WOT, but very few people would call that lugging. Lugging is a term that is normally reserved for over-stressing the bearings by being in too low a gear (too low rpm) for conditions. As I've written here before, the important thing to realize about lugging is this:
Hp = torque x rpm
To make a certain amount of hp, say the amount required to go up a certain hill at a certain speed, if you cut the rpm in half you double the required torque. So at a given load, torque goes up as rpm goes down, or as you pick a higher gear. Also, oil pressure and flow goes down as rpm goes down. So to go up this hill, or whatever, at a lower rpm in a higher gear, increases the torque the engine has to put out, at the same time as it decreases the oil flow to the bearing. At some point the torque being applied will exceed the ability of the oil film to protect the bearing, and I would think that would be the point at which you would define it as lugging the engine.
The point at which that would happen would depend on the oil viscosity, temp, rpm, load and probably more, and obviously every engine would behave differently, since the bearings themselves would be designed differently, as would the oil pumps and everything else.
In general I think the best approach is to avoid heavy throttle at low rpm, especially for long periods of time. Accelerating from a stop under heavy throttle in first gear while engaging the clutch early would be just as hard on the engine as trying to go up a hill in full throttle in top gear at low speed, but for a much shorter period of time, and that is enough of a difference to make the former okay and the latter a bad idea.
Obviously there would be complications, for example detonation, engine management software that might react differently under different conditions, and who knows what. But mostly it's about the physics of combustion pressures and oil.