Power mode only affects the shift points. Even then, it only raises them 500-1000 rpms. Even then, that only happens with sufficient throttle opening.
There is not correlation between power mode and redline (unless you floor it more often in power mode). Getting to redline depends on one thing...the go pedal. (Of course, you could put the shifter in 3rd/2nd/1st to force the motor into higher rpms.
Power mode works because there's better leverage in a lower gear. Power to the wheels is a function of engine power * trans gear * diff gear. Stay in a lower gear longer and that "trans gear multiplier gets you better leverage/power. The end result is faster acceleration in a range of conditions where
1) the pedal isn't pressed enough that normal mode would also have rpms
2) the rpms are in that 500-1000 rpms where the shift point changes --AND--
3) the pedal IS pressed enough (about 25%?) where the shift point does move up a bit.
There is no way that the selection of power mode will affect engine life.
The only way you could find a correlation is to link drivers getting to/near redline significantly more often when they're also the type to use power mode. IOW, if you like power, you probably have that button on and push it to redline more often.
This poll will reveal nothing.
2001 Ebony VX and 1989 Custom 383 Corvette