Had the exact same problem! Unable to Handoff from clipboard & native apps not seen by other device.
MacBook Pro M1, iPhone 12 Pro Max iOS 14.3
So, I tried advice Zuuti provided. Toggled Handoff on both devices, individually, with no joy.
I then turned off Handoff on iPhone, rebooted, turned back on..., JOY!
Clipboard Handoff back to working flawlessly, and both devices offer their currently used app/browser page to the other device.
Don't have time to add other devices to this Handoff 'fix' test, but will do so soon.