Also can describe when Cup Cakes are phenomenally delicious.
save the day
Clutchcakes would also be something cool, but now it has a "sweet" (as in a synonym for cool) connotation to it, hence the 'cake' part of the word. Essentially, the word 'clutchcakes' takes 'clutch' to another level.
One other definition of clutchcakes are extremely good cupcakes that rival Martha Stewart's (as I imagine hers are heaven). They are especially clutch if one gets these extremely good cupcakes at the perfect time. And, one will know when is the perfect time.