From a safety standpoint ( single flight, not maintenance after you land)
excessive EGT is a symptom and not a cause of possible power loss.
excessive TIT is not only a symptom but a probable cause of power loss.
Yes there could be a link between the two but that is for the consideration of the folks that write the manuals for the crew. The problem with ignoring overlimits EGT at high power is that TIT could be affected as well (albeit not instrumeted) and that the damage to the High turbne blade tips will worsen the inflight problem if the engine is not throttled back to reduce EGT.
Of course EGT may be caused by internal damage (not just wear) and as such if you don't throttle back the damage will likely escalate and force a shutdown.
In my memory bank the only problem I can recall with excessive EGT (without other overt engine symptoms) was an event where it took an hour or two to finally shuck some blades and that was in the high pressure turbine.
On the other hand there have been several accidents where engine failures preciptated excessive EGT (pegged meters), not corrected and only molten metal was left in the turbine.
follow your manuals as they cover the important stuff, the rest we can opinion on PPrune