Here is the workaround if you would like to create a new template based on an existing one with some minor changes.
From the Project Planner, find the Project Template that you want to clone
Click the 3-dot button next to the Template Name
Click New Project from Template
Find the Project that you have just created, make any changes you need
Click the 3-dot button next to the Project Name
Click Save as Template
View a list of articles related to Project Templates here 🌟
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