Feature templates define all the information required to create a feature: the layer where a feature will be stored, the attributes a feature is created with, and the default tool used to create that feature. If templates are not present when you start editing, they are automatically created for each layer in the current editing workspace. When templates are automatically created, one template is created per symbol.
If you have attribute combinations that you use frequently that are not based on the symbology, you may want to create additional feature templates. For example, if you have a road layer and templates are automatically created for the road type, you may also want to add a template for roads that are under construction.
When you create templates, you may want to distribute them to others. These templates are saved in layers, which can be saved inside views. Views are saved in a workspace that can be the same as the product library or a different geodatabase altogether. The views workspace can be saved in a public location so other members of an organization can access it for standardized feature templates.