I believe the answer is: It depends. A stock engine will last a long long time, even knocking but lots of mods and near 2X the power of a stock engine will cause some damage after some time
When I first got my car, new in July 1986, I knew next to nothing about turbos and could not figure out why it would not go faster as I kept raising the boost. The car was all stock except for a HyperTech stage 3 chip that called for 160* stat, no cat, and a K&N air cleaner = 13.50's @ 105 and about 16/17 PSI.
More boost did not help one bit. I did not have a scan tool so I do not know how bad I was knocking it, but I think it is safe to say that at about 20 to 21 PSI with a stock engine and 93 octane, I was knocking the hell out of it!
Now at the mid 90's and a tired old engine with plenty of oil in the lines; the wastegate hose kept blowing off. That made the boost gauge go nuts! Had to be about 30 PSI or more. Now I know that was knocking off the scale!
With all that knocking for over 200K miles and there was no knock related damage. I gained much faith in the KR system in the car.
Enter a large warehouse and company car = time to go thru the engine and crank it up! Also enter the internet and resources like this MB and scan tool. A few more years and more knowledge and it was clear as to why I was not going faster in the old days.
My experience has shown that at near stock power levels, the computer will kill the knock sufficiently to not cause problems for the engine. I also believe that at the power level it takes to run 117 MPH, knock can do some damage over time