There is less obvious, but slightly more straight forward way to clone content.
- Cliick Upload content
- Select add file button on file picker
- Choose Content bank repository
- Select content to copy and upload
It still is a lot of clicks though. I am not sure what functionality in the plugin you are comparing this with since the content bank does not exist at all. You can duplicate activities when editing course and this creates a new content file to edit. Duplicating a content outside the bank is still the same, but it is not editable there.