The New Drive user interface no longer contains the Create from template option as in Classic Drive.
However you can still get directly to a Create from template option via the File Menu in one of the Drive Apps.
1. From within a Google Drive App (e.g. Doc, Sheet, Presentation, etc.).
2. Select File > New > From template…
This then routes you to the Templates Gallery for your Google Apps Domain where you can select a template
Alternatively you can go directly to the Templates Gallery via this link
See Also: Save time with a Google Drive template