I hardly ever run my tractors at full throttle, but lawnmowers I think should be ran at full throttle for proper cutting. I have a few times had my Ferris at about 3/4 throttle (thinking I had it WOT) and did notice that in thick grass it wasn't cutting as well as it should. I had been mowing some sparse grassy area and it did fine. When I noticed the shaggy grass, I pushed the throttle and got the speed up and the cut was much improved. The engine noise is greatly raised also though. As far as mechanical damage, I don't believe that you damage the engine or even decrease the life of an engine by running full throttle, but you can by running too low RPM if you are lugging the engine.
Keeping the oil changed, air filter cleaned and keeping sharp blades will make the engine last longer (MY OPINION)