Actually, yes it is basically cut & paste
Paste a chart into PowerPoint
On the Edit menu, click Paste Special, and then do one of the following:
To paste the chart as a chart, so that when you double-click the chart in the presentation you can use Excel to edit it, click Microsoft Excel Chart Object.
To paste a link to the Excel chart, so that the chart in the presentation is updated whenever you change the chart in the original Excel workbook, click Paste link, and then click Microsoft Excel Chart Object.