No. Copy-paste is not locked behind the VirtualBox Extension Pack. It requires the Guest Additions, which are completely different from the Extension Pack.
Extension Pack gives things such as USB passthrough.
It's kinda weird that VirtualPC way back when is the only VM software I recall using that had copy-paste without guest extensions. Granted, it just typed text into the keyboard, but it was really handy none the less.
That is indeed a problem :-) I had to bump up the delay between characters and particularly slow connections or serial consoles still can bite me. Mostly I still consider it worth using though, since fixing a few small typos is less work than typing the whole thing by hand.