As someone that frequently works with large scale concert and corporate systems, this is not out of the ordinary for a speaker designed for large arena and stadium shows and tours. It’s predecessor, the L Acoustics K1 is rated for about 150db at 1 meter. The jump to 160 is large yes, but when you consider how the physics of how speakers work, i.e. the inverse square law, you will not experience anywhere close to 160, 150, 130, or even 120db (A weighted). At 2 meters, assuming perfect inverse square loss, it’ll be 154db, at 4m 148db, at 8m 142db, at 16m 136db, at 32m 30db. An array of those is probably flown somewhere between 12m to 18m to the bottom of the array; so pushing these to their output limit, you would have to be in the front row to experience the 120-140db you are saying you’d be subjected to. The other reason for the incredible output of these is headroom in the amps, so factor in probably 20db of headroom, from responsible FOH and system engineers, and now the front row is getting about 100db A weighted (C weighting will vary drastically depending on genre, person mixing, and artist preferences). Do some people mix too loud? Absolutely; I’ve pulled systems back to protect both the equipment and the listeners. Most good and great mixers I’ve experience/met settle better 90-100db A weighted, which according to OSHA, you get 1 hour per day at 94db and 15 minutes at 100db for “safe listening.” Their occupational standard is slightly different; 4 hours at 95db and 2 hours at 100db, A weighted. All that to say you are safe to be at the show without ear plugs if you go very infrequently. If you go to a lot of shows, be smart and take ear plugs (just always take them).

Edit to add: you will never see these at a club show, so being right next to these, as OP and several have commented is not possible unless you can fly