Event templates are important to how the RSVPMaker program included in WordPress for Toastmasters manages events, particularly meeting events.
I sometimes compare the way an event template works to a Magic Cookie Cutter, which can be used to stamp out identical cookies (events). You can decorate them differently with sprinkles and frosting (role signups, speech titles, word of the day). But they all start out the same. And because this is magic (software), you can reshape the cookie cutter at any time and make the cookies reshape themselves, too.
New site administrators are often confused by the exact Create/Update process used to update individual events after making an update to the template. As of today, the software will now send you an email reminder if you forget that step. You may also want to Read the Documentation.