I'm on board with everything you said except for this part. What exactly constitutes "working hard"? Well, if you do a max acceleration run, like a drag race, you will be developing 13hp more. So the engine will be 13hp more stressed mechanically. Definitely working harder, not less.
If you're cruising at 70mph, you will be using the same 40hp or so (just a guess) regardless of the max power capability. So the engine is working equally hard if "working hard" is measured by how mechanically stressed the engine is. With the free flowing exhaust you will likely operate a tiny bit more efficiently at 40hp, so you may save a bit of fuel.
It's a bit counter-intuitive, but choking an engine doesn't make it "work harder". There are classes of racing that require intake restrictors. That reduces max power and, since race cars operate near max power most of the time, actually helps the egines last longer. Because they operate at lower hp levels than they would without the restrictors.