I beleive most chess associations that run tournaments have rules, as stated earlier, regarding ''insufficient losing chances''. This is not to be confused with 'insufficient material' draws.
If there is no way for one side to make progress, and they are simply trying to flag the opponent the arbiter is usually able to declare a draw.
As Gill says, the clock is meant to be a means to limit the timeframe of the game, not actually be used as a means of winning.
So you're telling me if you were in a drawing position in a serious match and you had the timer on your side to win the game by shifting a piece around for a stupid amount of time until their timer run out then you wouldn't do that?
I am certainly saying that, and I did exactly that in a league match some years ago. The position was a drawn one and in my view the purpose of the clock is to prevent sitzkrieg, not to give you a win you don't deserve.
Most people I see seriously arguing about how it's perfectly fair to claim a win by wasting time until the opponent's clock runs out have only the vaguest notion of how to win a game of chess any other way.