We are using this approach for a while now and it works really well.
For our projects we also have a set of default tasks that we copy over this way as well - saves a lot of time and helps remembering everything.
The only (minor) drawback with this is that every copied task has a reference to its parent - but you can remove the references if you want.
You can also hide the template-Projects from other users so these don’t get edited accidentally.