The manual for my (Poulan) hedge trimmer says to open the throttle only enough to cut what you're cutting.
Quotes:
"It is recommended that the engine not be operated for longer than 30 seconds at full throttle...Use the minimum throttle speed necessary to effectively cut hedges..."
I suspect this is because it has some kind of clutch or rubber baby buggy bumper arrangement that allows the engine to continue running, even if the blades don't reciprocate for the full stroke (for example when you're chewing through a thick branch)...
But yeah: Definitely always run a chainsaw at full throttle when cutting, not just for engine longevity but also for safety (less chance of "grabbing" and resultant kickback when the chain is moving fast...the main reason kickbacks happen is because the chain stops, and that energy goes either into bending the branch into a spring, or throwing the saw backward and up...and there's less chance of the chain stopping if it has a lot of speed and burning gasoline behind it...)