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We have performed inelastic neutron scattering measurements on optimally-doped Fe$_{0.98}$Te$_{0.5}$Se$_{0.5}$ and 10% Cu-doped Fe$_{0.88}$Cu$_{0.1}$Te$_{0.5}$Se$_{0.5}$ to investigate the substitution effects on the spin excitations in the whole energy range up to 300 meV. It is found that substitution of Cu for Fe enhances the low-energy spin excitations ($\le$ 100 meV), especially around the (0.5, 0.5) point, and leaves the high-energy magnetic excitations intact. In contrast to the expectation that Cu with spin 1/2 will dilute the magnetic moments contributed by Fe with a larger spin, we find that the 10% Cu doping enlarges the effective fluctuating moment from 2.85 to 3.13 $μ_{\rm B}$/Fe, although there is no long- or short-range magnetic order around (0.5, 0.5) and (0.5, 0). The presence of enhanced magnetic excitations in the 10% Cu doped sample which is in the insulating state indicates that the magnetic excitations must have some contributions from the local moments, reflecting the dual nature of the magnetism in iron-based superconductors. We attribute the substitution effects to the localization of the itinerant electrons induced by Cu dopants. These results also indicate that the Cu doping does not act as electron donor as in a rigid-band shift model, but more as scattering centers that localize the system.