It has been a while since I spent much time on 2-strokes, but have seen them sieze from extended WOT use.
As a kid, we rode our 2-strokes to the next town all the time. We rode them as if we were switching gears the whole way. In other words, while riding in top gear, we would pull the clutch in and let off the throttle occasionally to give the piston a quick break. Fuel/oil mix was still drawn in through the carb, and this gave the motor lube while coasting (for about a half second). We did this about every 10 seconds, and avoided top speed runs (unless someone wanted to see our street license credentials).
2-stroke oils have come a long way since then, so there is probably less chance of siezure. Even if it happens, it isn't much work to swap the rings and/or piston.