There is some documentation here.
A template is supposed to be an abstract model / outline of the kind of event you typically host, with default content and settings such as whether RSVP collection is active. For example, one of my clients hosts gourmet dinners where the template shows the general organization of the page, but the individual events based on the template have different menus and lists of guest chefs.
When you update a template, you should get a prompt to create/update a series of events based on that template. If you’ve put in a base schedule like First Tuesday at 7 am, it will try to calculate the first Tuesdays of upcoming months and give you a draft post. You can then customize the individual event posts as needed.
