Without looking at the schematics for this particular model, I'd surmise that the click is indeed a speaker protection relay. Generally this is fed by a number of different sense circuits that watch for power amp issues and/or excess speaker current and/or power supply output stability. Although the relays do indeed fail at times, generally it is not the relay that is at fault. If you have a scope and a schematic, you can check the various circuits that feed the relay for the exact cause. If not, you can do some experiments that might help deduce the problem: e.g. do headphones work when speakers do not, does the relay click on when no speakers are connected (or selected), etc. In my experience, it is most often the output transistor(s) in the power amp. But not always ;-)
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