If V1 is near V2 (5V), then You have (without the diodes) a simple inverting amplifier (amplification -10 = - R3/R2).
So if V1 is less then V3/10 near to V2 (4,9 V to 5 V), output is following V1 (inverted) from V3 to GND).
But if V1 = V2, output will be V3/2 and with a little bit more the difference of V1 - output will get above the forward voltage of the diodes (about 1,4 V = 2*0,7V).
Because R3 is rather high and the diodes have an exponential characteristic, it is not a real edge.
For a "clipper", the diodes should be anti-parallel, so this is more a one sided clipper.
Because the input voltage V1 is given with 0-10V, the behavior is more that of a comparator with adjustable (R2,R3) low output.
For the behavior of the amplifier (and one sided clipper), only the input voltage from 4,9 V to 5,1 V is of interest.
There is a use case for one sided clippers, e.g. in a distortion amplifier (for guitars), one sided clippers have a more soft sound than both sided clippers (with only odd harmonics).