Technically, yes. The one thing is, you can not copy-paste an image across devices. It only works on your local system. Not across devices.
Another thing is about the length of the content you copy. The Clippy is built on FCM technology. So as per their limitations, your content which is more than 4KB in size will not work for copy-pasting. However, 4 KB is huge (~2000 words approx.) However 0.5KB content is used for the metadata about the content. So nearly ~3.5KB (~1750 words approx.) can be copied across devices in one go.