No, measure the boiled water into the bottle, add the formula and shake/swirl or stir with a sterilised spoon, then pour the freshly made milk into the rapid cool to bring down to drinkable temperature. If you add the water to the rapid cool and then the powder the water is probably cooling down too much to dissolve the powder properly and that’s why it’s clumping. You want the water over 70 degrees to effectively kill anything bad in the formula.
Alternatively, you can use the hot shot method. Although it’s not formally recommended it saves constantly washing and sterilising the rapid cool. You can make up multiple bottles this way to store in the fridge.