Yes, any buss associated with the track in any way will be created, and any downstream busses including sends.
Say you have this set up
Guitar track with sends to a chorus buss and a delay buss and that track outputs to a guitar buss. That in turn has a reverb send on it and outputs to a frontline buss that outputs to your master buss.
Save the guitar track as a template.
Then when you insert that template unless they already exist the following will be created
Guitar track with all fx and settings
Delay buss with fx and settings
Chorus buss with Fx and settings
Reverb buss with Fx and settings
Guitar buss with Fx and settings
Frontline buss with Fx and settings
Master buss with Fx and settings
If any of those already exist new ones won't be created, the existing ones will be used instead even if they have different settings or routings.
It really is a neat trick until buss templates are included, if ever. It's not a big issue, how long does it take to delete a track?