Hi @Shabbir Anower,
you can create projects based on project templates and decide if you want to create team-managed or company-managed projects.
But you can't create, copy or adjust Jira's native project templates.
If you want to reuse configuration you might look into 'Create with shared settings' checkbox which will create projects with the same shared schemes as an existing project.
In case you want to specify more configuration of project templates like project category, default assignee, project lead or you want to additionally clone or predefine project content like components, version, project role assignment and issues. You might want to look into the third party app we've built for this use case. Project Templates for Jira.
As you are on a Free plan, this app is also free for you.
Greetings
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