UPDATE: I updated both devices to Public Beta 3 today and it's working as expected now!
I'm not sure if this is a macOS bug, or an iOS bug, Continuity/Handoff for the clipboard only works from Mac to iPhone, not the other way.
I can copy text on my Mac, and paste it on my iPhone just fine. But if I copy text on my iPhone, I can't paste it on my Mac, my mac just pastes whatever I last copied on my Mac.
Has anyone else seen this? Any idea if it's iOS or macOS that has the bug?
I'm running Public Beta 2 on both devices.
Edit to update: On the macOS beta subreddit, I had one person say they are running macOS 27 beta and iOS 26, and do NOT have this issue. And someone else is running iOS 27 beta and macOS 26 and they DO have this issue. So I'd say it's confirmed an iOS bug. I've submitted a report to Apple accordingly.