Despite tools that prevent clipping, it’s still best to avoid your signal being too high in the first place. A Limiter can be heard doing its job if it kicks in too often or has to curtail the signal by much.
Make-up gain is well-named - if you are compressing a signal constantly so that the signal is lowered in gain, then the make-up gain allows you to add the required db back. This is more for using a compressor as an effect - like on a single line muted guitar part - where it can bring out the “clicky” nature of the picked strings / transients.
For acoustic instruments, the best way to capture them is to get it right at source, not to “fix it later” or bung treatment on it. Just test how loud you are going to play and set the gain accordingly with plenty of headroom just to be sure: -10 to -18db is said to be a sweet spot, but this expects the gain to be boosted by various effects on the channel and on the bus and outputs - so it’s built-in headroom ready for treatment. A signal can be “gain-staged” down too - if higher than -10db it’s usual to go through a whole mix and take all recorded track levels down so that tools / effects in the output stage have enough level available to be able to work properly and show their own sound / effect.
Sorry, too complicated. Just keep the gain down when recording. If it doesn’t clip it can be boosted afterwards - some people “normalise” tracks afterwards if not going through a series of effects.
Normalising takes the whole track into account and moves the whole gain upwards so that the loudest point is maybe -0.1db : don’t go up to zero. Always be below.