Templates for Item Updates and Info Boxes

PROBLEM:
Our team very frequently uses the item updates for progress updates and to assign people to tasks. We often write updates in the same format over and over. Standard formats keep us efficient, but the amount of time it takes to write out the standard format is cumbersome. We similarly use info boxes for meeting notes extensively and repeatedly write out the same note formats which takes up a lot of time.
Currently, there is no incentive for us to explore more standard note formats because the team feels it will take too much time to format organized notes repeatedly.

PROPOSED SOLUTION:
It would be great to be able to create new templates for updates and info boxes which can then be selected and added into an update or info box. See picture below.

IMPACT:
This would significantly streamline our workflows and allow us to build and brainstorm even more useful templates.