Yes, once you remove about 3 10ths ( .3) of 1 mil of clear, you're getting onto shaky ground with taking out the majority of the UV inhibitors, which reside there near the surface (chemical migration during cure). Most oem makers cite the .3 figure to work UP to, but not to go beyond when compounding and sanding.
Like Accumulator said, if you can keep the car out of the sun, you can do fine for a long time (some show cars get away with it this way, but most of those are aftermarket painted and had more clear applied too, in oreder to compensate) but if it's a daily driver with oem paint that sees a good sun load, the resin system WILL break down once the UV is gone, albiet gradually and not immediately. The demise WILL occur though.
I painted one of my cars and blocked off all the orange peel, but I layed 4-5 coats of clear on it, because I knew I'd be wetsanding about 2 off. It's been almost 8 years now, and the paint is still fine. It gets limited sun exposure . If that were oem paint, I know it would have failed by now.
Be careful.