What do live/scheduled/draft mean?

When a something is live, i.e. a template, text block or form, it is ready to be used.

Something that is scheduled, can be used from a selected date. Think of a text update on a document because of a regulatory change that will be effective from a certain date.

A draft is work in progress that cannot be used until it becomes live. Think of a document or text block that’s being worked on.