It shows the base filename, not the path.
If you want additional UTI information about what has been copied onto the clipboard, then the Clipboard Viewer application found in the Additional Tools for Xcode nn.n shows every UTI that a copy to the clipboard places on it.
I just copied a one-page PDF from my Desktop to the Clipboard using Finder. Here is what the Clipboard Viewer displays:

When I click on that first entry, public.file-url, the path to that file will appear on the right-hand side of Clipboard Viewer in my choice of ASCII, Hex, or Both.