The factory value is for dry threads, dry nut and dry washer.
You are wise to back off on the torque if threads have anything lube like on any or all of the aforementioned.
Dry torqued, the factory value should be OK.
No way are the inner races ever going to get crushed by that value.
Keep in mind that if the Outer Race registers in the hubs are correct, the bearings will not be excessively preload by the axle clamping through the inner stack.
(I figure the cumulative tolerance is such that the bearings can see some non problematic light preload at most.)
The inner stack is reliant upon the inner races of the wheel bearings.
The outer races should not be involved, and if they are, something is wrong with the register into which they fit.
Also keep in mind that lower quality click type torque wrenches with a high capacity compared to the required torque value, to easily do NOT yield accurate and repeatable tightening.
A typical +/- 4% error click type 150 ft. lb. capacity wrench is allowed to indicate 69 ft. lb even though it could actually be high or low by 4 %. So, an oily greasy axle/washer/nut could be seeing 72 ft. lb. while only needing less than 50 ft. lb. Dry parts also help reduce any tendency of a rear wheel to cock in the swing arm.