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Yes, you can propagate a copper leaf plant from cuttings and this article will give you guidelines on how to do that:
https://www.gardeningknowhow.com/garden-how-to/projects/rooting-plant-cuttings.htm

For more information on copper plants, please visit the following link:
https://www.gardeningknowhow.com/ornamental/shrubs/acalypha/growing-acalypha-copper-plants.htm

I have not been able to find any research that has information on seed collection.
From all my research it is recommended to grow plants from cuttings.

https://www.gardeningknowhow.com/ornamental/shrubs/acalypha/growing-acalypha-copper-plants.htm
https://www.gardeningknowhow.com/ornamental/trees/tgen/how-to-root-cuttings-from-various-shrubs-bushes-and-trees.htm

Proper light and growing conditions will effect the leaf color.

Here is a link that will refresh you on the growing requirements.

https://www.gardeningknowhow.com/ornamental/shrubs/acalypha/growing-acalypha-copper-plants.htm

Copper Leaf grow easily from cuttings.
They root best during the summer months when they are actively growing.

https://www.gardeningknowhow.com/ornamental/shrubs/acalypha/growing-acalypha-copper-plants.htm

You can propagate using both seeds or cuttings.

See these articles about mealybug control:

http://ipm.ucanr.edu/PMG/PESTNOTES/pn74174.html
https://www.gardeningknowhow.com/plant-problems/pests/insects/mealybugs-control.htm

The yellow jackets and wasps are most likely there to feed on the mealybugs, as you've mentioned. Biological control with a certain ladybug (mentioned in the article) can be very effective. Another option is hard pruning the shrub to remove their food source.