Both commands produce underruns at large, audible and visible in the output.

> aplay -D hw:0,0 -v --buffer-time=4000 /tmp/fr025.wav
Playing WAVE '/tmp/fr025.wav' : Signed 16 bit Little Endian, Rate 44100 Hz, Stereo
Hardware PCM card 0 'HDA Intel PCH' device 0 subdevice 0
Its setup is:
  stream       : PLAYBACK
  access       : RW_INTERLEAVED
  format       : S16_LE
  subformat    : STD
  channels     : 2
  rate         : 44100
  exact rate   : 44100 (44100/1)
  msbits       : 16
  buffer_size  : 192
  period_size  : 32
  period_time  : 725
  tstamp_mode  : NONE
  period_step  : 1
  avail_min    : 32
  period_event : 0
  start_threshold  : 192
  stop_threshold   : 192
  silence_threshold: 0
  silence_size : 0
  boundary     : 6917529027641081856
  appl_ptr     : 0
  hw_ptr       : 0
underrun!!! (at least 4.191 ms long)
Status:
  state       : XRUN
  trigger_time: 3336.7694317
  tstamp      : 3336.11882117
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 1.832 ms long)
Status:
  state       : XRUN
  trigger_time: 3336.30152303
  tstamp      : 3336.31983077
  delay       : 0
  avail       : 194
  avail_max   : 194
underrun!!! (at least 0.312 ms long)
Status:
  state       : XRUN
  trigger_time: 3337.6068547
  tstamp      : 3337.6379149
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 4.293 ms long)
Status:
  state       : XRUN
  trigger_time: 3339.4484089
  tstamp      : 3339.8775797
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 11.592 ms long)
Status:
  state       : XRUN
  trigger_time: 3343.6272217
  tstamp      : 3343.17862683
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 2.310 ms long)
Status:
  state       : XRUN
  trigger_time: 3343.700965780
  tstamp      : 3343.703274524
  delay       : 0
  avail       : 200
  avail_max   : 200
^CAborted by signal Interrupt...

> aplay -D hw:0,0 -v  --period-time=2000 --buffer-time=4000 /tmp/fr025.wav
Playing WAVE '/tmp/fr025.wav' : Signed 16 bit Little Endian, Rate 44100 Hz, Stereo
Hardware PCM card 0 'HDA Intel PCH' device 0 subdevice 0
Its setup is:
  stream       : PLAYBACK
  access       : RW_INTERLEAVED
  format       : S16_LE
  subformat    : STD
  channels     : 2
  rate         : 44100
  exact rate   : 44100 (44100/1)
  msbits       : 16
  buffer_size  : 192
  period_size  : 96
  period_time  : 2176
  tstamp_mode  : NONE
  period_step  : 1
  avail_min    : 96
  period_event : 0
  start_threshold  : 192
  stop_threshold   : 192
  silence_threshold: 0
  silence_size : 0
  boundary     : 6917529027641081856
  appl_ptr     : 0
  hw_ptr       : 0
underrun!!! (at least 8.673 ms long)
Status:
  state       : XRUN
  trigger_time: 3355.4367755
  tstamp      : 3355.13037189
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 2.189 ms long)
Status:
  state       : XRUN
  trigger_time: 3356.24657841
  tstamp      : 3356.26845873
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 2.160 ms long)
Status:
  state       : XRUN
  trigger_time: 3358.690871062
  tstamp      : 3358.693029225
  delay       : 0
  avail       : 281
  avail_max   : 281
underrun!!! (at least 3.647 ms long)
Status:
  state       : XRUN
  trigger_time: 3360.9384022
  tstamp      : 3360.13029349
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 1.095 ms long)
Status:
  state       : XRUN
  trigger_time: 3361.11945732
  tstamp      : 3361.13039182
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 3.016 ms long)
Status:
  state       : XRUN
  trigger_time: 3361.132006217
  tstamp      : 3361.135020659
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 0.352 ms long)
Status:
  state       : XRUN
  trigger_time: 3361.465478201
  tstamp      : 3361.465829023
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 2.799 ms long)
Status:
  state       : XRUN
  trigger_time: 3361.502227029
  tstamp      : 3361.505024503
  delay       : 0
  avail       : 200
  avail_max   : 200
underrun!!! (at least 0.019 ms long)
Status:
  state       : XRUN
  trigger_time: 3361.513310022
  tstamp      : 3361.513327710
  delay       : 0
  avail       : 200
  avail_max   : 200
^CAborted by signal Interrupt...

Also, after I do:
echo 1 > /proc/asound/card0/pcm0p/xrun_debug

I have lots of this in dmesg:
[ 3504.140844] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=56, new_hw_ptr=809, old_hw_ptr=753)
[ 3504.143264] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=72, new_hw_ptr=913, old_hw_ptr=841)
[ 3504.148353] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=72, new_hw_ptr=1137, old_hw_ptr=1065)
[ 3504.150102] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=80, new_hw_ptr=1217, old_hw_ptr=1137)
[ 3504.156337] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=72, new_hw_ptr=1489, old_hw_ptr=1417)
[ 3504.157990] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=72, new_hw_ptr=1561, old_hw_ptr=1489)
[ 3504.169408] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=72, new_hw_ptr=2065, old_hw_ptr=1993)
[ 3504.170967] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=72, new_hw_ptr=2137, old_hw_ptr=2065)
[ 3504.179684] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=72, new_hw_ptr=2521, old_hw_ptr=2449)
[ 3504.194902] ALSA: PCM: [Q] Lost interrupts?: (stream=0, delta=80, new_hw_ptr=121, old_hw_ptr=41)