The "clipboard" as it is implemented in many (most?) operating systems today, only exists because it's a legacy idea that hasn't died. If it were freshly invented today, it would never get past even the most lenient privacy review.
Think about the pitch for the feature: "So, we're going to make this in the OS, where the user can highlight anything in any application, invoke a command, and then that thing (which could be a sensitive password, private personal information, or the codes to a nuclear weapon) will instantly become available for all applications on the system to read and do anything with. Uhh... NO THANKS!
Ideally, if an application wants to read from the clipboard, it should explicitly ask the user for permission, or the user should have to specify the exact app he's copy/pasting to. This reduces the clipboard's ease of use, but at least makes it NOT a truck sized privacy hole.
No. You're assuming that you don't have control of your own computer.
Think about the pitch for removing the feature, "So, we're going to make this in the OS, where visually disabled users cannot highlight anything in any application, can't move text between applications, cannot get the window title, cannot get the window tree, cannot have applications automate or know where other applications are, and basically they won't be able to use their computers. But everyting will be super private. Even the human using the computer won't be able to read it." This is what modern linux desktop computer is on waylands thanks to this toxic privacy meme. It literally just doesn't work for me.
Privacy needs the kind you're talking about simply don't exist on desktop computers where the human actually controls everything (as opposed to smartphone model where the user controls very little and applications are hostile and opaque). If you want to break accessibility and functioning of smartphones, fine, go for it. But leave desktop computers alone.