It will do fine with slugs and magnum loads. You maybe don't want to use an extra full choke when shooting some slugs, but there's no reason they would wear out the barrel.
I own a Mossberg 500, which I believe uses the same barrels as the 88s. I've shot foster slugs, Brennekes, 3" turkey loads, 3" steel loads, buckshot, and various other game and target loads. No negative effects on the barrel that I can discern.
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