Does a VLC media player affect laptop speakers?

Yes, using VLC player can damage/destroy your normal laptop speakers. Shocking isn't it.

VLC player has the capability of amplifying the sound level twice the normal sound level other media players can produce. If you play your media files in VLC player at maximum volume level of 200% then there is a possibility that your laptop speakers may not handle the sound amplification produced by VLC. This may result in damage to laptop speakers and distortion in sound. Laptop speakers, having less wattage, are made to produce normal sound level. You should play your media files in VLC player at an average sound level to avoid damage to your Laptop speakers. 

According to Dell,

"VLC has a feature that can make the audio seem louder than other players. VLC achieves this by using a process that creates hard clipping (see below in this thread for explanation) which can damage small speakers. Dell has tested VLC and verified that the speakers can be damaged after several hours of using VLC."

Manufacturer Warranty
  1. Dell used to void warranty for using VLC. But that is no longer the case, it seems[Ref].
  2. HP also does not void warranty it seems[Ref].

What is the solution?

Don't worry , there is a solution to solve this problem. Try to play a video with less than 100% volume whenever possible. Also try to use the equalizer in the VLC media player.