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According to this question, I have tried this on an Android device and I was able to do it.
As you could see, I was able to copy/cut the drawing after doing that, you might need to go back or click on the arrow like I red-circled from the screenshot above.
On Android, the menu doesn’t always appear automatically after lassoing. You often need to double-tap inside the selection or tap with your finger (not the stylus) to trigger the copy/paste menu. I tried many times to achieve this (it's hard to select this in just one time).
I tried to copy this image and paste this in Outlook and it is still working (as you could see my screenshot below).
Update: Solution has been acknowledge that in order to copy/cut the drawing, user needs to very quickly tap with S pen on the white circle with the arrows.
Reference: https://learn.microsoft.com/en-us/answers/questions/5082323/how-to-use-the-lasso-%28to-copy-paste%29-handwriting-o
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