Sure -- you can copy elements outside of your workspace; however, if you paste them, and the layers the elements are on are not a part of your workspace, you cannot manipulate them. This is handy if you're working via Marquee, but you may run into problems if you're working by Story and/or Layers.
MacBook Pro Apple M2 Max, 96 GB of RAM
AC27 US (5003) on Mac OS Ventura 13.6.2
Started on AC4.0 in 91/92/93; full-time user since AC8.1 in 2004