Launch Templates in AWS are a cost-effective way to manage and deploy cloud resources. They provide a streamlined method for creating, configuring, and launching AWS resources such as EC2 instances and EBS volumes. By creating Launch Templates from scratch or from existing templates, customers can quickly provision resources with preconfigured settings that meet their needs. Launch Templates also allow customers to store multiple versions of their configurations for easy reuse across projects. Using the intuitive user interface of AWS Management Console or the powerful APIs provided by AWS SDKs, customers can quickly deploy complex applications and services in the cloud with minimal effort.