Email templates in either the "New Outlook for Windows" desktop app or the Web version of Outlook (really, they're the same thing) is appallingly hampered by a ridiculous total file restriction of only 32KB. This is simply inadequate space to hold anything more than one or two email templates consisting of populated To, Subject, and Body fields.
The "Templates" section Microsoft has directed us to use seems better suited as a place to keep simple text entries you plan on reusing. I've yet to find a useful method of saving multiple, standard form emails as templates in the "New Outlook for Windows" or the Web versions.
My current workaround involves keeping copies of emails disguised (formatted) as templates in a self-made folder and manually copying their contents, send from, send to and other fields into a new message.
My earlier attempt at right-clicking and copying one of these fake templates to my Drafts folder where I would then make edits before sending does keep the original "template" (for future use as you would expect a template to behave) and sends the modified email as expected, but Outlook keeps all of those sent messages under the original template (like a threaded email conversation) making locating an earlier message very cumbersome after you've accumulated several dozen messages sent using that method. Further complicating matters, if you've sent several dozen messages that way, recipients may sometimes find the subject of the email you just sent appears as the template's subject (typically blank or has "Enter subject here") instead. This is especially true if the recipient is using Outlook on a mobile device.
Surprisingly, I've discovered the MacOS version of the New Outlook desktop app does still allow actual email template files to be stored in a local or a network folder as "emltpl" files. Unfortunately, those files are unreadable by the Windows version of Outlook which interferes with my desire to switch between MacOS and Windows (as I sometimes find the need to do depending on what I'm doing). Equally surprising, I've found the New Outlook for Windows will allow you to save an email as a file, but is then incapable of opening that or any other email file which has been saved to a local or network file folder.