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The HubSpot Templates tool is a key feature that allows users to standardize communication and save time by creating reusable email templates within HubSpot or Gmail. In a tutorial, the narrator demonstrates how to access and utilize the Templates tool from a contact record. While composing an email, users can easily find and select from various pre-set templates through the Templates tab, streamlining the process of sending repetitive emails. The tutorial emphasizes the efficiency of the tool in enhancing productivity and facilitating consistent communication.