@Zeeshan Bute, Thanks for posting in Q&A. Based as I know, there's no built-in policy to do this. To deploy your Office templates to your users, based on my researching, I find a link describe this. There are two options we can use:
- Configuring a SharePoint Asset Library
- Configuring OneDrive to Automount a team site and specify the workgroup template
https://call4cloud.nl/2022/03/office-templates-the-rise-of-gru/
Note: Non-Microsoft link, just for the reference.
Hope the above information can help.
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