Compared to a four stroke a two stroke can survice a much higher RPM.
There are consequences to the higher RPM, however.
As the RPM goes up the forces that the engine is subjected to goes up. Some forces will double if you double the RPM, some forces will go up four times if you double the RPM.
At higher RPMs the balance of the crankshaft becomes a factor. Any imbalance puts a load on the crankshaft bearings. As a minimum the wear and tear on the bearings goes up and at the worst the load can become so great that the crankshaft can break or the case where the bearings are held can fail.
The connecting rod is a far more likely source of failure as it is subjected to tremendous forces. If you let the RPMs increase without limit the most likely failure would be the connecting rod breaking, which in turn would hammer the engine into little pieces.
High RPMs plus wide open throttle equals maximum power, which in turn equals maximum heat being generated. If there is any issue at all with the octane of the gas, the quality of the oil or the ability of the cooling system to remove the heat this is where it will show up. If the connecting rod didn't break first then I would expect the piston to melt after a prolonged period of operation like this.
I would certainly not agree that you can operate at WOT as long as you want, unless yo only want it for short periods. The straight away of a typical track, no problem. A few minutes down a sand wash would be okay. Pull onto a paved road and sprint for 20 miles...... expect a blown engine.
Rod