That's the general approach I took; in UWP.
I transfer the clipboard data "as image" to memory; if it's valid "image date", I create the bitmap.
The bitmap is then assigned to the source of an image control for viewing.
You could then also save the image to a file.
(In my case, the image is a "floor plan" that the user uses as a (background image) template for my "home space mapping" app).
In the case of WPF, it might be easier to save the clipboard image to a file first, and then use the file.
(UWP seems easier but I don't think it always translate well to WPF).
Saving Clipboard Images to File in C#