Note: Only Admins and Super Admins can create templates
When you are creating a custom template, you’ll be asked whether you want to create a 2 way feedback template or a 1 way feedback template.

Essentially, it's a choice of who answers the preparation questions:
A 2 way feedback template includes questions for both participants. It requires self-evaluation from reviewees and preparation from reviewers - we recommend using this for any performance related reviews.
A 1 way feedback template is for any review where you only need 1 participant to prepare before their review meeting e.g. an Exit Interview.
If you’re ever stuck writing questions for your own templates, you can use the Charlie templates as a starting point.