Project templates not working as expected

I want to create a template from a base project to use in future projects. However, when creating a new project from a saved template, all the packages and .java files are there, but the only thing in them is my licensing info, no code.

I select "Tools", then "Save Project as Template". I give it a name and description then click OK. The behavior is the same regardless if I have "Replace parameters with placeholders" check or unchecked.

I've searched the web for a solution but come across nothing that explains this. Is my understanding of these templates wrong, or have I missed a step somewhere?