I find that I have to do a little ground-work before it works neatly but after that, it does work pretty well.
I copy lyrics with chords-over from some source, usually from my Ultimate Guitar account. This does not paste at all well directly into BH (e.g. all the [Return]s are missing) but it needs some editing anyway. So I open Notepad and paste it there - the [Return]s work as expected here.
Verse, Chorus etc indicators are usually in square brackets and I want them in round brackets, so I do 2 global find/replace for that. Then I check that the chords line up with the start of the words or syllables, throughout the song. There are usually some out of place, sometimes many. For a split word (syllable), I add a hyphen and align the chord with the right-side of that - my preference.
For a solo section I leave a blank line, as if there were lyrics, but fill it with spaces to the length of the line of chords above. This seems to work best.
Copy everything, paste into BH. If there are any square brackets left, the first use of "[C]" will remove them. Second use will move chords into lyrics. You can then remove any blank lines and do any other prettying-up. E.g. I like (verse) and (chorus) etc to be Gray, so they are very clearly performance information, not part of the song, along with hints like (STOP) etc. It helps me.
It works well.