A template will give you a fixed, pre set, block of data on the page for your users to begin editing with. The Pro is it makes it easy to encourage your users to standardise pages and save them time by pre-setting stuff they might find useful. There are no "cons" I can think of - if you don't want the pre-set stuff, don't use a template.
A copy will take the whole page, with all the current data, as the starting point. The Pro and the Con here is the data - do you really want to duplicate the whole lot? Is it the best starting point? If it is, then great. If it isn't, then look for a template instead.
So if I had a reason for creating some regular pages to be used as "templates" via page copies, and thereby I didn't include any data on the pages that would not generally be wanted on the copies, is there any downside vs using tempaltes other than that users will have to know to locate the pages so that they can copy them whereas with templates you don't have to locate them (i.e. they're listed with all the templates)?
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