This might seem a bit odd but might also be intuitive.

Placing a new Element by selecting an existing Element.

So, the whole thing goes;

It's called 'Place Element by Selection' tool.

This Element Creation Tool automatically applies settings based on the Element that I select. Sort of like Match Attributes tool, or Smart Match, but it then invokes the place element tool that would have created it.

So, if I select an arc, the attributes are matched, the Place Arc tool is invoked, and all the settings needed to create a new identical Arc are applied.

If I select Text, then all the text attributes, properties, style, Level and tool palette settings are invoked and ready to place new text with identical settings. [With selecting text, the cursor could also be charged with the selected text as well if that option was enabled]

If the Place Element by Selection can't accurately retrieve and assign the tool settings, for example a compound element, complex line style or complex element, then it reverts to a primitive element that had been selected.