As long as the engine is running, oil is going through the clutch. The fact there is that loud clunk indicates clutch drag. Which, at best, means the plates have not completely separated or the space is filled with oil. There is slippage between the plates, even in this condition, otherwise you could never get it into gear.
To check to see if holding in the clutch does anything but avoid that initial clunk, try this. With the bike running, pull the clutch lever and drop into first, clunk. Still holding the clutch lever in, shift back into neutral pause and never having let the clutch lever go, drop back into first, clunk. Oil is ever present, too much oil.
In theory when you pull the clutch in, you are reducing the amount of oil delivered to the clutch. The thrust adapter with the slots, moves into the transmission shaft. It moves in approximately 2mm by way of the slave cylinder. With the clutch engaged the amount the adapter is exposed is somewhere between 4 and 5mm. The exposure of those oil delivery slots is reduced to 2-3mm when the clutch is disengaged. Granted it’s effect on the flow is hard for me to quantify. But there would be some back pressure in the reduced space to oil flow. It’s like running water through a garden hose aimed at a wall. Moving towards the wall there will come a point where the water can’t escape as fast as it’s being delivered. As you continue close the space between the hose and the wall you eventually will reduce the flow to almost nothing. By this time you will need a change of clothes!