Andy Mallon shows SSMS template replacements:
In the above example, there’s not much value-add by using the template replacement. It’s probably easier to just use @variables and highlight-replace.
The template replacement really shines when you have examples where you’d otherwise need to use dynamic SQL. If you have object names or database names that need replacement, this is a great answer. If you work in a multi-tenant hosting environment, and a client name is part of the DB name, this can make your life a lot easier.
Templates work great with auto-replace (a feature several third-party toolkits include). My favorite auto-replace that I’ve created is “die” which asks for an schema and procedure name and generates the DROP PROCEDURE script. Naturally, I also have diet (table), diev (view), and dief (function).