Yes, LibRaw performs automatic maximum adjustment to prevent 'pink clouds' (and other highlights) problem seen on many cameras where real maximum varies with ISO or other camera settings.
To turn it off, use '-c 0' switch of dcraw_emu (or set imgdata.params.adjust_maximum_thr to 0.0).
To turn it off, use '-c 0' switch of dcraw_emu (or set imgdata.params.adjust_maximum_thr to 0.0).
Simple test: