For me, 'paperclay' generally refers to an air dry clay that has had a cellulose base added to it, like Creative Paperclay. The result is that the clay is very lightweight when dry. This is important because the clay then doesn't need to support it's own weight. With an integrated armature, you can build really intricate and large structures.
How to Make Paper Clay
BEST and WORST AIR DRY CLAYS!?! Testing 5 Clays (Amaco, Creative Paperclay, Crayola, Das & Jovi)
BEST and WORST AIR DRY CLAYS!?! Testing 5 Clays (Amaco, Creative Paperclay, Crayola, Das & Jovi)
How to Use Paper Clay - MY 100 YEAR OLD HOME
What is the difference between paper clay and air dry clay? - Quora
First Impressions of Air Dry Paper Clay - Paisley Lizard
Nature and Paperclay - Ivy Newport - Jeanne-Marie Webb Class — Ivy Newport
How to Make Paper Clay - 8 Steps with Pictures - Red Ted Art
What is paper air dry clay? - Quora
Papier Mache - Articles - Papier Mache And Paper Clay
What is the difference between paper clay and air dry clay? - Quora
Air-Dry Clay Comparison – Myra Su
Paper Clay - How to Select Paper and Prepare for Mixing
29 Armature stand ideas sculpture clay, sculpting tutorials