Hi Scott,
You have a good point. However we should keep in mind that overvoltage in form of wave amplitude, frequency, duration and wave shape are factor involving “overstress the insulation” in addition to other interrelated factors such as thermal and environment conditions.
The PFWV is the least stress test imposed to any equipment since the overvoltage is <2pu, test frequency is close to nominal, wave shape is regular and max. duration around up to 1 minute.
In the early time of the power system development, the PFWV was the only dielectric test available considering apply voltage around twice the system voltage plus 1000 V. As the voltage increases and other testing techniques available, this is may not be the best present testing practice.
Today, the PFWV has less significance since other tests characterize better the dielectric insulation of electrical apparatus and components.
It should be noted that there might be difference between design tests, production tests, conformance tests, or field tests. PD, impulse, switching and other dielectric test may be preferred than the power frequency test.