The cutter and baring are the same size so the cutter does not cut the template, only the over hanging project material. If you intend to make more than one of a part, then it is best to make ONE template and take your time to get it right, then cut your parts with the template. If you are using costly materials then it might be wise to make a template for one time use to make sure your cut will be right. If you are making something that you want to mass produce then make good templates.
Remember square corners will have to be cut square after any router work is done! Remove the template before you chisel or file the corners, so you don't damage the template.
When you make a template write on the template the bit size and type that you used, the collar size you use (if you use a collar), and any thing that you need to do (alignment, square corners, ect.). If it is a multi-use template with stop blocks or other lose parts then tape the parts to the template when it is stored.
If you damage a template, auto body bondo makes a lasting quick repair. Just mix up a little bit and fill the damaged areas, sand after it sets up (just a few minutes) and you are back in business.
Hope this helps,