There is no evidence that 3-way coaxials have enough IMD for it to be audible relative to THD under any conditions. 2-ways are a different story.
As far as SPL, there's not much difference here. The Genelec has somewhat higher distortion in the mid-bass, but less distortion in the low bass(of course it also has less extension so that is expected). Above the woofer(320hz for the 8361) there is barely any difference, the 8361A actually has lower distortion at 106dB from 500hz-3khz. They both have tweeters that limit with somewhat different profiles(this doesn't matter at all since you are never bottlenecked by tweeter output).
It's probably fair to say the KH420 will play a little louder with subs due to its lower mid-bass distortion, but we are talking 1-2dB at the most. If you really want/need louder for some odd reason, then you should buy something a lot bigger like a W371A or something else with a 12-15" woofer.
I'm not saying that either of these speakers are better! They're equally good IMO with different pros and cons. Which is very impressive for Neumann's engineering since it came out long before the 8361A.
Genelec 8361A 106dB
Neumann KH420 106dB