PROBLEM
Since it doesn’t work in these modes and there is no apparent feedback when it is enabled it leads to some confusion sometimes.
Ex.: I’ve got back to work after lunch, tried to select an object and it didn’t work. Pressed Z and everything disappeared. I was quite lost for a moment until I understand the Clipping Region was enable to another object far away from what I was working now.
It is not a big deal, but it’s a quite annoyingly good paper cut.
SOLUTION
Probably some way to sign it is enable would be great. Something like this: 
It would be great to have a similar feedback for Toggle Local View as well.
Even if it is ‘fixed’ to work in those view modes it still lacks a proper UI feedback.
Cheers.