On paper, perhaps, it can't live up to its name! (3)
I believe the answer is:
fly
'on paper' is the definition.
The answer and definition can be both man-made objects as well as being singular nouns.
Perhaps there's a link between them I don't understand?
'it can't live up to its name' is the wordplay.
I cannot really see how this works, but
'live' could be 'l' (electrical abbreviation) and 'l' is present in the answer.
The remaining letters 'fy' is a valid word which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).
'perhaps' acts as a link.
Can you help me to learn more?
(Other definitions for fly that I've seen before include "Aviate" , "One invited into parlour" , "Flee" , "Insect; move quickly" , "Soar; hurry" .)