Indeed it does - officially full term is just over 8 weeks, but most people come up half a week before. However, nearly all the first years at Clare get chucked out of our accommodation at the end of every term, which is very annoying. We had to be out by 12 yesterday, hence I am now at home lamenting the lack of high speed internet among many other things.
As for working, I don't think they'll send you down for it (assuming it's not for college bar or whatever, which is allowed) but they claim it's really obvious and you'll probably get a lecture from your DoS or something. I just wouldn't find it physically possible.