Found this one out by accident -
I had a program with an LP. I edited the template for the LP but forgot to approve the page in the program. I then cloned the program and previewed my new page and it wasn't correct. Took me a while to figure it out, but I had to force a change to either the LP or the template so that I could approve the LP which would then update template. In this example, I changed some of the CSS in the template and the cloned version wasn't showing the updated CSS.
I believe that you need to approve the LP before you clone it otherwise it will not have the new additions to the template. That is as desinged
Yes, absolutely, but it will exist as though the unapproved template is approved, so you'll have an approved page that would technically still be a draft version.