The clipboard ring is not exactly a new feature in Visual Studio. It allows you to copy multiple blocks of code and cycle through them to paste the one you need.
I didn’t use it that much because the extra burden of cycling through the list of copied values to find the correct one was waaaay to much for me.
In 2019 this experience became a lot better as you can cycle through the content visually when you hit ctrl-shift-v.
Remark: This option is also available under Edit Menu > Show Clipboard History.