Yes. The Clone UDM function creates an exact duplicate of the original UDM under the new (user supplied) name for the clone.
Note: The one (cosmetic) thing I would change if I were redoing the programming for the Clone UDM routine is that the routine itself converts all characters for the user supplied clone name to upper case before creating the clone.
That said, it's easy enough afterward to use the Modify UDM Screen to rename the clone (using a combination of upper and lower case characters) when desired.