"Copy Run Command to clipboard" entry context menu copies a command, as specified in entry properties, without expanding variables.
copied to clipboard is: putty $u@$t
copied to clipboard is: putty user2@host1
(provided 'putty $u@$t' is set as "Run command" and 'user2' and 'host1' are "Username" and "Title" of the entry).
Password safe version 3.27 (4526)
OS Windows XP SP3 32-bit