There are two kinds of Template in Sonar - there is a Project Template, as well as a Track Template.
I myself don't do any grand Project Templates - I took the default Normal project template and slightly modified it to set some of the options the way I like to see things displayed.
All of the reset of things I do with templates, I do with Track Templates. Most of the Track Templates I have are made for each different Drum Kit I use, where each track template would have each drum kit piece (each tom tom, each cymbal, snare, kick) sending its output to a separate audio output from the drum synth, as well as a track folder for Drums, that contains 2 midi tracks (1 for clicks and the other for the real drum midi data), all of the audio tracks for the different kit pieces, all of the routing assignments from those audio tracks back to the appropriate output from the drum synth, a bunch of buses, Drums bus, Toms bus, Cymbals bus, Snare bus, Kick bus, Parallel Comp bus, and I have each kit piece's gain pre-staged so that each kit piece is properly balanced to a common level.
So - by creating a Track Template for each and every different drum kit I create or use - I have built up a pretty good set of these templates, which I would then be able to reuse for new projects that happen to be using one of those kits I already built a template for.
The above saves me lots and lots of time - as all of the work for setup only has to be done once for a given drum kit - and then any other time I want to use that same kit - a couple of mouse clicks and all of those tracks and settings and buses, etc. are all inserted and ready to rock.
Other folks may chime in with their own thoughts on Track Templates, and Project Templates as well. I find the templates a HUGE time saver.
By the way - the audio data does not get saved in a template, so when you create a track template, you just click on the various tracks you want included, and when you export as a track template it will automatically include the relevant buses and effects and synths, and the various settings and patches - and for a project template you would delete off any stuff you didn't want included and the rest (except no audio) would be saved as a project template if you save it as such.
Bob Bone