One trick for doing nonlinear waveshaping without introducing too much aliasing is to perform the wave shaping at a higher sample rate than the rest of your system and then downsampling with a low pass filter. Thankfully, the high frequency components introduced by nonlinearity tend to decrease in magnitude reasonably quickly.

In the digital (or again more correctly discrete-time, you have a sample rate) realm it totally makes a difference, because many of the harmonics you generate will extend above the Nyquist frequency, half the sample rate, and "reflect" back down.

In general, the more pointy edges you introduce to a waveform, the more high frequency artifacts you get.

This aspect of pontryagin duality (narrow in one domain means wide in the other) is also what underlies the heisenberg uncertainty principle. If you "hard clip" a photon's position (with a slit) you get a lot of frequency domain (momentum) noise, leading to a spread-out beam.