Heavy Latency due to track templates

Can you please detail any and all components you have loaded into that track template?  
 
As noted above by Mike, this latency is likely caused by one or more plugins behaving badly, or perhaps driver mode or ASIO Buffer Size, etc.  Some of the potential causes for your situation could include things like:
 
1) Lots and lots of plugins loaded into the track template (some orchestral folks have set up templates with a hundred or more plugins, just in case - like they use one template for all potential uses).  These all chew up memory, and if not even using them, seems to me to be a really inefficient squandering of computer horsepower/resources.  For orchestral projects, I have track templates for sections of differing sizes, or even just load up stuff as I need it.
 
2) One or more plugin effects that isn't meant to be used during tracking/recording - such as convoluted reverb effects, or others that use something called look-ahead processing.  These are really meant to be used only when you have finished recording and have moved on to mixing/mastering, where you don't need a low latency because you aren't trying to record at that point.  For those types of plugins, you really cannot effective record with them enabled in a project, because by their very nature they need a really big ASIO Buffer Size specified, to give them the room to do what they do.  
 
SO, there are a couple of choices for this - you could try hitting the letter 'E' on your computer keyboard, to bypass all effects, and then record, then hit 'E' again to toggle the effects processing back on.  That is quick to do, but does mean that you would temporarily bit hear effects while you record.
 
What I do is to use less-consumptive effects (less robust, where they don't add a bunch of latency), so instead of a convoluted reverb, I might use a reverb that uses simpler processing and doesn't jack up the latency.  Then, once I finished tracking and move on to mixing, I will then bump up my ASIO Buffer Size from 128 samples (when recording) - up to 1024 or even 2048 (for mixing).  That then allows the super fancy uber-powerful reverb effects without issues with latency.  This is my preferred approach.  Over time, I learned which effects not to use until I have jacked up the buffer size and am in the mixing phase of the project.
 
3) Make sure that your ASIO Buffer size when recording, is giving you latency at around or just under 10 milliseconds.  I COULD record all the way down to 32 samples, but then it gets glitches fairly soon into it all, and I end up bumping the buffer size up anyway, PLUS, to me there is no particular benefit from running it that close to the edge of glitches, if I cannot hear any latency lag when running at 128.  It seems to be a nice balance that gives me great recording without lag, while also not making the system have to work really hard.  it simply works, so I almost always just track/record with it set to 128 samples.  (again once moving into mixing/mastering I jack that ASIO Buffer size way up, to be able to use robust effects).
 
4) If you are on a laptop, OR our desktop uses a WiFi adapter to connect to the internet, this is a FREQUENT cause of latency problems.  IF this is the case, you can just temporarily disable the WiFi drivers OR if there is a switch or function key to turn it off, do that right before you start your recording session, then turn it back on (or enable it) once you finish.
 
Please review the above - perhaps there is something in it that might help you.
 
Bob Bone