Having said that, the friendly name is unlikely to change. Why do you want to template the title rather than just specifying the text that wont cahnge?
I have 7 entities that reference one switch entity (such as, say, 7 unique timers that reference a single entity). I would like them to use its friendly_name, so if I ever need to change its friendly_name, I only need to change its variable at the source, rather than having to parse the ui yaml for the 7 entity titles or using find/replace.
It makes it much quicker and cleaner in case things are modified.
I could think of a few situations - typos, hardware changes, descriptive changes etc.
I’m not sure how I’d implement the templater card, my entities are currently within a fairly complex picture-elements card. I’m just trying to do as much simplification as possible. Based on your answer, I’ll assume that hass doesn’t have a built-in way to pull these kind of variables through the lovelace ui. I’ll just have to use find/replace any time there’s a change.