A 1/2-20 fine series thread may well thread just fine into a M12.5 x 1.25 threaded hole, they are very close in size, and with manufacturing tolerances this could be the reason it will thread into your clutch mount without an issue.
*M12.5 diameter equals 0.492"
*Metric 1.25 pitch equals 0.049" thread to thread
*1/2" nominal diameter equals 0.500"
*20 threads per inch equals 0.050" thread to thread
So the difference between the two is minimal.
Also, measuring the body of a bolt may be different than the threads, depending on how they are manufactured, they could be rolled threads instead of machine cut threads, this could account for a slightly different body diameter vs diameter measured over the threads.
If I were a betting man, the threads are metric on a Yamaha sled.
Cheers.