Most certainly! In fact I only buy large, sort of envelope shape clutches that look terrific when dressed up from day to evening! This will sound aweful, but my motto about clutches is I won't buy anything that is smaller than a tampon. In other words, while clutches are very tailored and smaller, it still has to hold an ample amount for me without looking stuffed.
In my regular day bags, mostly hobos, I put in all my day's essentials but when I am wearing my dress clutches, it's just my keys, dress wallet, pack of tissues and lip gloss. Oh and maybe a pair of glasses for night driving. If it doesn't fit in the bag, I leave them in the car.