Follow the new "wizard" through with whatever is closest to what you need, but make sure you select a "company managed" project type. Then select "Share settings with an existing project" and you can tell it what project you want to "copy"
It's not quite a copy - new schemes for config are not created, just shared, so if you want to diverge the new project away, you'll need to copy and amend the schemes. But that's always been the case (since Jira 2!)
@Lesley Hawkins Unfortunately there is no way to just 'clone' a project. The closest thing you can do is use the method you have described - create a new project using an existing project's configurations.
There are also some paid add-ons available such as Deep Clone for Jira which can offer you this functionality
Connect with like-minded Atlassian users at free events near you!Find an event
Connect with like-minded Atlassian users at free events near you!
Unfortunately there are no Community Events near you at the moment.Host an event
You're one step closer to meeting fellow Atlassian users at your local event. Learn more about Community Events