I figured that might be the case, but I appreciate the confirmation.
I'm using this functionality as a component of a template designed to generate a Map Series with several maps as part of the layout that I'm trying to have the Clip layers functionality impact. The map series will have several hundred pages, so clipping rasters via GP tools wouldn't be ideal.
Resetting the map properties manually to clip appropriately each time the template is used shouldn't be too bad. Just trying to simplify the process for different end users - they'll just have to deal with a few extra clicks 😉