This is an interesting perspective I had never really thought about, and I like the proposed new action, but I don't really want it in lieu of how cut/paste currently works.

In my mental model (which is also how OSs work, though not necessarily how things ought work), the clipboard exists at the OS level, and undo/redo act on the application level. I don't find it to be unexpected or undesirable that doing Ctrl+X,V,Z,Z results in the application returning to its original state but the clipboard ending up being modified.

All that said, I appreciate that this interrogated my mental model a bit.