Copy and Paste from Acrobat to an Editor

In general, yes, you can maintain the paragraph breaks. You select the text you would like to copy and then right-click and select "Copy with Formatting". However, some of this is determined by how the PDF was created -- authoring tool and options selected while creating a PDF. Also, if the PDF is from a scanned image, you'll need to run OCR first before attempting to cut and paste. Here is a quick tip on how to do this if you're interested.

Carol. re: "All of the other functionality works as expected, ie., bookmarks, hyperlinks interaction and so forth? "

PDF Creation
In context of the usage of PDFMaker — Yes, if you have properly configured the PDFMaker for MS Word then the output PDF will have the Bookmark and hyperlink interactivity.

PDF Repurpose
PDF Bookmarks (what is in the Bookmark pane of the Navigation panel) are not part of PDF page content.
"Copy-Paste", per se, of the Bookmark "tree" isn't possible.

The same applies for PDF Link annotations.

Be well....