What would be in the clipboard after the undo in that scenario?

edit: Yeah, the problem is that the user does not expect undo to do something different depending on what they did on a different program.

Undo doing nothing to the clipboard always is more consistent and the better UX.

...yeah. But I still think these problems apply to Ghost Cut too. Unless the idea is that Ghost Cut only works within one app and/or the content lives in a special ghostboard separate from the clipboard, which I think is equally bad UX.