The clipboard group is on the far left of the Home Tab. It is often used in conjunction with the Editing group, which is on the far right of that tab.

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Paste (with options) Ctrl+V: I have been told that when Microsoft studied Word users, they discovered that the most used Command was "Paste"
so when they redesigned the user interface, they decided to give this command prominence as the first button people would see.
(The keyboard shortcut in most Windows programs including all versions of Word is Ctrl+V.)
The Paste button is actually a drop-down menu of paste choices which is similar to the paste options you see after you paste
if you use the the Ctrl+V shortcut.
The font group has to do with how characters look. It is distinguished from the paragraph group where the formatting handles
the entire paragraph. I am going to divide these controls into three parts:

Controls that give you direct formatting or erase that formatting,

A Control that changes the Case of text but is not formatting, and

Controls that change how the text looks but are not considered formatting.

Let's look at the last two types, first, because there are only two of them.

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Change Case: - Note that Small Caps is not one of the options.

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Highlighting: - Highlighting is not considered formatting in Word
Highlighting cannot be part of a Style definition (unlike shading) and is not reversed by the Clear Formatting button.
Font Dropdown and Font Size Dropdown

These have been a part of Word since at least Word 97. You can click on them to give a list to select from or you can type in them.
In the size window you can type a size that is not on the dropdown list. In the Font window you can start typing the name
of a font and it will fill in the first font name that fits as you type.


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Increase Font Size - Grow Font

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Decrease Font Size - Shrink Font

These two buttons will increase/decrease the size of selected text. The increments are according to the font sizes shown in the
dropdown for fonts except that for smaller sizes it will go in increments of one that can be lower than any shown. The minimum is 1.


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Bold (Ctrl+B)

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Italic (Ctrl+I)


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These two buttons apply Bold or Italic formatting to text. When the insertion point is inside text that has been
formatted as bold or Italic, these buttons will be shaded.

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Bold and Italic are toggle formatting. I.e., if you apply bold to text that is already bold, it is turned off.

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Both can be applied to the same text, so that you can have text formatted Bold and Italic.

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I tend to use the Strong and Emphasis character styles instead of the direct formatting in case of a theme change.
There is no built-in style for that. Applying the style is not a toggle.


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Underline (with options) (Ctrl+U)


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Clicking on the Underline button will underscore your text. Clicking the little triangle on the right will give you options for
the type of underline you want. Once you select an option, that option is active during your Word session (including in
different documents). The Underline Color brings up a palette. More Underlines... brings up the Font dialog box which has
access to even more underline types.

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You can only apply one type of underlining to a character. This is character formatting so you could apply different types to
different characters in the same word.

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If text is already underlined and you click on the Underline button, the underlining will be removed.


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Strikethrough


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The Strikethrough button gives you a single line through selected text. A double line is possible through the
Font Formatting dialog box (below).

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If this button is clicked on text that already has double-line strikethrough, it changes it to single-line.

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If it is clicked on text that already has single-line strikethrough, that is removed.

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The Strikethrough button will be shaded if selected text has a single underline applied.


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Subscript

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Superscript


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These decrease the font size proportionally and lower or raise the baseline.

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These buttons are toggles and will be shaded when text is selected to which they apply.

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