The feature will let you set a starting point and an end point for a clip you want to save to watch again later or share with friends.
To make a clip, tap on the “Clip” button that shows up under the playback bar while you’re watching something on Netflix, and then you can adjust where you want the clip to start and stop. After you’ve saved the clip, you can then share a link to it in apps like iMessage, Instagram, and WhatsApp.
I guess it should be a fun feature. The details on how lengthy a clip can be aren't out and will be available alongside the launch of The Wednesday's Part 2.