Yes indeed, clay will hold nutrients and water, but it is so fine it prohibits oxygen in two ways just because of its physically fine size. And without that loose unattached oxygen, the biochemical processes involving nutrients simply stop.
One way O is prohibited is fairly logical, as the observation of the close quarters of the particle size can be seen in the layer of suffocating muck that lays upon the top of clay soil after raindrops disturb the clay and mix it into the mud puddle that forms and is left on top of poorly percolating clay after a rainstorm. Especially hardened by drying wind, the crust becomes almost hydrophobic to a degree, and because both liquids and gases are fluids, the water tightness is effectively pointing out how gas tight the soil can be as well.
The second way is more odd. Aside from the charged particles the pure elements soil is made of having some open electric phase that then attaches positively or negatively to other particles making molecules of a substance we would recognize as soil, the weathering action of oxygen and nitrogen also attaching themselves to elements of soil is constantly occuring. For what is then often referred to as mineralization of elements in clay, a common element in our clay is aluminum. This metal is toxic without oxygen, whereas aluminum oxide is relatively inert. The clay is so fine it is capable of stripping water of oxygen as the physical size of oxygen is quite a bit physically larger than hydrogen. As rains fall, and gravity does its work, clay is also acts as a very fine filter. As hydrogen increases disproportionally to oxygen, we measure the decrease in ph. Aluminum oxide, in the presence of acid, which is basically a high quantity of H, becomes stripped of it oxides (derusted) and unfriendly to plants at that point. Lime turns out to be a big deal. Whereas the rainwater is a ph 6 more or less, I finally figured out how to measure my soil and it started out with some areas showing me ph as low as 4.8 - 5.
The ability of proteins to feed hyphae that penetrate this type soil becomes very important to me. Biology unable to exist in low oxygen clay congregates near the tighter oxygen area at the surface, and any food placed on that surface disappears at a very rapid rate. Cow manure compost, soybean meal and other high protein amendments seem to have an outsized effect in my soil. Many plants that survive here have roots atop the surface.
Wow that was a lot for a Saturday morning.